Meet Our Donors
John McDonald '61
"We have had Mount Carmel in our will for some time. It was a natural thing to do in return for all I gained from my association with the school. The instruction, the friends, the fact that as an institution, Mount Carmel hasn't missed a beat in its drive to produce quality young men is all important to us.
Recently we were doing an update of our estate plan and shifted a long standing gift to Mount Carmel from our will to a role as a secondary beneficiary of an IRA account on the advice of our attorney. We have lived out of state for some time and since I was assigned back home to Chicago at the end of my career I have had a chance to better keep up to date on the school and its efforts. I am amazed at the progress in expanding the campus and the continuation of a strong educational focus. Both my brother and I gained from our time at Mount Carmel. Supporting scholarships in honor of our family was an easy decision for my wife and me. We owe quite a bit to Our Lady of Mount Carmel."
A Seemingly Small Decision Makes a Huge Impact
Years ago, when preparing his will, Daniel Ledo '37 quietly made a decision that would eventually have a transformational effect on thousands of young men. His decision to include Mount Carmel in his estate plans has brought hope in the form of financial aid to hard-working families that were faced with the possibility of leaving Mount Carmel. It allowed the school to purchase state-of-the-art smart boards for the classrooms. It helped shape the future through campus renovations that will provide facilities for the next generations of Carmel men. Daniel clarified his wishes, which eased the process of settling his estate on his family, and was able to make an impact on an institution that he loved. Becoming a member of the Saint Albert Society can make this dream a reality for all of our alumni and friends.
Young Alumni Making Big Impact — And You Can Too
Patrick Joyce 2001 comes from a true Mount Carmel family. His grandfather graduated in the Class of 1939, his father graduated in the class of 1969, his brothers graduated from Mount Carmel, including his twin, Mike, in his class. In addition, he has numerous uncles and cousins who have walked the halls at 6410, including coaches Frank and David Lenti.
Given their family history, it was no real surprise that Pat wanted to make an impact on the institution he loves. "I am 33 and I just made a 6 figure gift to Mount Carmel. I asked myself the question, how can I have the greatest impact on Mount Carmel? I have been blessed to be part of a place that teaches boys how to become men and instills values and beliefs that teach us to focus on the important things in life — God, Family, and community." Like many alumni, Pat was not in a position to simply write a big check to the school.
Through his work at Northwestern Mutual, Joyce was able to find a way to make his dream a reality—and is hoping other alumni consider doing the same. As a healthy 33 year old, he was able to take out a life insurance policy on himself and make Mount Carmel the owner, payer and beneficiary. Depending on how long he lives, the gift will be worth more than $100,000 up to as much as $500,000. The policy costs $1500 per year, which Joyce sends to the school. The school then pays the policy, and he receives tax credit for his gift.
A life insurance policy is a tremendous opportunity that many of our alumni never think of. Currently, there are only a handful of life insurance policies known that are set up with the school as the beneficiary. Joyce is already looking to boost that number, as he has recruited friend and 2005 graduate Phil Caruso to create a similar policy.
These gifts, along with other planned giving opportunities are set up to benfit the Mount Carmel Educational Foundation, which invests funds in order to ensure support for the school in perpetuity. The Foundation currently donates to the school in order to help fund the difference between the cost of tuition and the actual cost of a Mount Carmel education.
"One reason I have chosen to make this gift is because of the impact Mount Carmel has had on my life and the lives of so many Carmel men since its inception in 1900. I would not be the person I am today without MC and my family." His gift will now impact generations of Mount Carmel students to come.
To explore whether a gift of life insurance is right for you, contact Michael Holland at firstname.lastname@example.org or 773-359-0485.