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Rob Friedman Honors Parents With a Scholarship

Rob Friedman

Rob Friedman is creating the Alfred and Sheila Friedman Memorial Scholarship Fund to encourage medical careers in primary care.

When Alfred Friedman needed triple-bypass surgery in 1983, few hospitals were skilled at the procedure, so he and his wife traveled from their home in Livingston, New Jersey, to Emory University Hospital in Atlanta. Because of the expert, compassionate care he received, he developed a lifelong friendship with Emory. Now his son, Rob Friedman, is making a bequest to endow the Alfred and Sheila Friedman Memorial Scholarship Fund. The gift will honor the couple's memory and encourage medical students to pursue careers in primary care.

"In late 2013, when I decided to revise my estate plans, I reached out to Emory's development office to learn more about the medical school. Last year, I toured the medical school's facilities and strongly felt that innovation, continuous improvement, and humility were deeply embedded in Emory's DNA," Friedman said. "In general, I am a skeptic at heart; it may be due to my training and background as an accountant, securities analyst, and investor. However, I was so impressed by what I saw and heard that as soon as my plane touched down at Newark Airport, I decided to set up a scholarship fund for current medical students and revise my estate plans to include sustainable scholarship funding."

The Alfred and Sheila Friedman Memorial Scholarship Fund will give preference to students seeking to become primary care physicians, Friedman said. "Because primary care physicians act not only as front-line diagnosticians but also as informational and logistical gatekeepers when communicating with specialists and other health care providers, they play a critical role in disease prevention efforts, treatment, and the recovery of patients."

Scholarship bequests like Friedman's are among the gift planning options for donors who want to create significant legacies at Emory. Some planned gifts even provide financial benefits for donors and protect assets. To learn more, contact Emory Office of Gift Planning at 404.727.8875 or giftplanning@emory.edu to consult with an Emory gift planning expert.

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A charitable bequest is one or two sentences in your will or living trust that leave to Emory University 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, [name], of [city, state, ZIP], give, devise and bequeath to Emory University [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 Emory 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 gift 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 receive an immediate federal income tax charitable deduction. 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 Emory as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 Emory 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 Emory where you agree to make a gift to Emory 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.

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