Leaving house to PLU keeps property in the family

Family members never much lived at the place near the water in Laguna Beach, Calif. but it had been handed down through the generations - and had appreciated significantly - since it was built in the 1940s.

When John '61 and Virginia (Crary '64) Edlund inherited the house, they arranged to create a charitable remainder trust to benefit PLU and to give them lifetime income.  "The property was in my family for decades.  And my family has had a long history with PLU," John Edlund said.  "So, by giving it to PLU, in a sense the asset stays in the family."

The Edlunds kept one-third and gave the university two-thirds of the proceeds from the sale of the property.  The arrangement means the couple avoided capital gains taxes on their share, received an up-front charitable deduction for two-thirds of the assessed value, and receive a lifetime income stream on the portion of the asset that the trust holds and PLU invests.

"When my wife and I pass on, the principal goes to PLU," Edlund said.

The Edlunds said they were inspired to give because of their own experiences at PLU and because the university continues to be true to its mission.  "PLU produces quality alumni who are making a difference in society," Edlund said.  The Edlunds are retired and live in Roseville, Calif.

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