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Grady family support spans philanthropy and volunteerism


Based on his decades-long commitment to the University of Detroit Mercy, Dan Grady ‘54 is considered to be an honorary emeritus board member. Over the years, Dan has been a member of the College of Business Administration Advisory Board, a 20-year member of the Board of Trustees, former president of the President's Cabinet and a founding member of the Jesuit 100 (a group of lay people who provide support to the Jesuit community).

Dan, a retired Michigan Bell executive, and his wife Margaret are long-time donors who have supported efforts to upgrade the historic buildings, maintain physical facilities and add enhancements to the campus. He notes, "Tuition alone can't begin to cover the cost of expansion and modernization of the campus."

The Gradys have also designated Detroit Mercy in their estate plans through a bequest. Both have actively sought donations from alumni and friends over the years.

Dan would like to see all graduates contribute to the University — a point that was made clear to him by former U of D President Celestine Steiner, S.J., who noted that tuition only covers about one-half the cost of an education and generous philanthropy is essential to sustain a financially strong University.

"Fr. Steiner asked us to make a payment on our success by giving back to the University,"he says. In doing so, it perpetuates a cycle of giving that ensures a great education for current and future students.

Dan would like to see broader philanthropic support to Detroit Mercy, in addition to alumni giving. He says, "It's compelling to have a Detroit university that offers a Jesuit-Mercy education and stays relevant to the needs of society and business."

He notes that this Jesuit-Mercy educational model is unrivaled by state-funded and other private universities, and is worthy of support from those who recognize that a Detroit Mercy education makes a difference not only to the student but also to the community.

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A charitable bequest is one or two sentences in your will or living trust that leave to University of Detroit Mercy a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to University of Detroit Mercy, a nonprofit corporation currently located at 4001 W. McNichols Road, Detroit, MI 48221-3038, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Detroit Mercy or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Detroit Mercy as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Detroit Mercy as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Detroit Mercy where you agree to make a gift to Detroit Mercy and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

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eBrochure Request Form

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