How it Could Look
Todd and Amy O’Malley, parents of a Notre Dame student, owned a cherished Lake Michigan vacation home that had greatly appreciated, and selling it would have triggered significant capital gains tax. Instead, they deeded the property directly to Notre Dame, avoiding capital gains, receiving a charitable deduction for the appraised value, and freeing themselves from ongoing maintenance, taxes, and insurance. The proceeds from the sale established the O’Malley Family Scholarship Fund, creating a lasting legacy and supporting future students in the Mendoza College of Business.