Ed Costa ’50 Gives Back with a Trust and a Bequest

Ed Costa attended Suffolk University on the GI Bill, graduating in 1950 with a double major in biology and chemistry. Now he is giving back to his university through two long-standing gift strategies not affected by the recent changes in tax laws: a charitable remainder trust and a bequest in his will.

“The students of today face huge costs to get a college degree compared to my situation in the 1950s,” said Ed, a retired sales manager for the plastics industry who lives in Chesapeake, Virginia. “Any help I can give to today’s students is a good investment for the future.”

Ed and his late wife Margaret “Peg” Costa, who were married for 64 years, set up a charitable remainder unitrust years ago as part of their investment portfolio. Such trusts provide significant tax benefits, including an income-tax deduction in the year in which they are established. Ed is also planning to make a bequest to Suffolk University in his will; he works on his gifts to Suffolk with Paula Vogel, Senior Major Gifts Officer.

Ed and Peg both grew up just minutes from each other and from the campus: Peg in Cambridge and Ed in Somerville. Ed chose Suffolk because his older brother Alfred attended (he graduated in 1949) and because it was an easy commute from his home.

“Suffolk was a fairly new and small school, primarily servicing students who were working ex-GIs,” Ed related. “My education was helpful in starting a career in the chemical industry. I feel it is important to give back and help students in financial need.”