Lonigan charitable remainder unitrust
A daughter’s passion sparks her parents support for nursing
Gary and Camille Lonigan
Gary and Camille Lonigan like to say that their charitable remainder unitrust (CRUT) story is a prime example of a child being a role model for her parents.
“My daughter, Joleen, has dedicated her whole life to UC Davis as a nurse and then funded a nursing scholarship,” Gary said. “Through her, we came to realize how important UC Davis is, both as a hospital and a school.”
As friends of the university, the Lonigans learned how much work UC Davis does in fields close to their hearts — they have a long family history of losing loved ones to Alzheimer’s disease and dementia.
Charitable Remainder Unitrust (CRUT)
A CRUT provides donors and named individuals income each year for life (or for a period not exceeding 20 years) from assets given to the trust. After the annuity period is over the remainder of the trust’s assets is distributed to its charitable beneficiary.
When deciding what to do with a rental property they owned, they opted to avoid the hit of taxes from a sale and instead donate the house to a UC Davis CRUT. They saved taxes, got a deduction and created a trust whose income will benefit them and their children for years to come.
“I personally like the idea of determining and knowing where my money goes,” Gary said.
UC Davis serves as the remainder beneficiary of the CRUT. After providing 15 years of income to Gary and Camille’s children after their passing, the trust’s assets will fund a new scholarship endowment at the Betty Irene Moore School of Nursing, as well as support research at the Family Caregiving Institute and UC Davis Center for Neuroscience.
“We are proud to support UC Davis because the work they are doing today will definitely help the people of tomorrow,” Camille says.
The Lonigans hold nursing — and their daughter — close in their hearts. Now their planned gift will help the Betty Irene Moore School of Nursing — and UC Davis — grow in impact.