Former Augsburg College head football coach Jack Osberg ’62 and his spouse Nina have created a legacy gift for the Center for Science, Business, and Religion.
“Augsburg has touched our lives. I’m a graduate. Nina is an honorary Auggie. Three of our six children graduated from here: Peter ’93, Jamie ’95 and Anne ’01. I got to work in my dream job as head football coach. We want to help, so we named Augsburg as a beneficiary of our retirement plan.”
JACK OSBERG ‘62
AND HIS WIFE, NINA
Many people want to leave a legacy. If it seems complicated though, they may not get around to it. That’s where Qualified Retirement Plans like IRAs come in. These retirement assets often generate high taxes if you leave them to children or grandchildren. Yet gifting them to charitable causes that share your values can be extremely simple. And through December 31 of this year, if you are age 70 ½ or older, you can make an immediate charitable gift up to $100,000 from your IRA using the charitable rollover.
ABOUT GIFTS OF QUALIFIED RETIREMENT PLANS
Retirement assets make ideal gifts to charitable organizations like Augsburg College. If you leave them to family members or loved ones (other than your spouse), they may be subject to estate or inheritance taxes─and they will be subject to income taxes. That adds up in a big way.
Taxes can eat up more than half the value of the retirement asset. When given to charitable organizations, no tax is due, preserving the full value and giving you a powerful impact.
If you would like to name Augsburg College as beneficiary, simply contact the administrator of your IRA or retirement plan for a Change of Beneficiary Form.
To create the gift, simply name a percentage of the plan’s value or name a specific dollar amount for Augsburg on the form, and then return it to the plan administrator. It’s as simple as that!
IRA CHARITABLE ROLLOVER
PROVISION AVAILABLE THROUGH 2013
The IRS is allowing an opportunity for IRA charitable rollovers through December 31, 2013. Donors who are age 70 ½ or older can transfer up to $100,000 directly to a charity from a Traditional IRA to a qualified charity, including Augsburg College, without paying income taxes on the funds transferred. The gift must go directly from the IRA to the charity.
LET US HELP YOU PLAN
Call Augsburg’s Office of Gift Planning at 612-330-1575 or e-mail Doug Scott at email@example.com to schedule a confidential appointment to discuss your planning options.