Herbert Sloan: When Plans Change

What Herbert Sloan of Ann Arbor, Mich., especially appreciates about planned giving is its adaptability. Several years ago, he established a charitable remainder unitrust with Hopkins.

Then, the life-income gift was the most appropriate way for him to invest. "Originally, I said I would simply put Hopkins in my will," says the University of Michigan professor emeritus of surgery. "But the possibility of giving the money to Hopkins and getting both a predictable income and a tax benefit seemed particularly attractive."

Recently, Sloan's thinking took another direction. "I decided I had sufficient income from other annuities," he says, "and I wanted to make a more specific gift—something that would benefit the institution and students." So he renounced his life-income interest in his unitrust, thereby releasing the funds to create, now, during his lifetime, the Herbert Sloan, M.D., and Doris Edwards Sloan Scholarship for Medical Education.

"Doris and I put five children through college and some through graduate school," he says, "l'm quite aware of the financial burden that imposes. Students graduating from medical school don't need this serious debt hanging over them. With this scholarship, there's a sense of satisfaction in doing something while I'm alive to help these students."

Sloan and his late wife met at Hopkins. Doris Edwards was the top graduate of her 1940 nursing class and a lifelong supporter of her alma mater. To honor his wife and her passion for nursing, Sloan funded the Doris Edwards Sloan Room in the School of Nursing's Anne M. Pinkard Building in 1995.

Sloan remains an active School of Medicine volunteer and longtime member of the William Henry Welch Society. "Giving to Hopkins," he says, "is rewarding in itself, but it's a duty, too. Educational institutions need this kind of support to function."

Gift vehicle used: Charitable remainder unitrust

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