Augsburg Grad and Wife Are Happy to Share Their Good Fortune: Carolyn and Dale '60 Hanka

Carolyn and Dale Hank

Carolyn and Dale Hanka are firm believers in free enterprise and entrepreneurship, a fact that's reflected in their successful careers. Carolyn was a university marketing instructor; Dale was a financial planner and bank president. Together they owned and managed a title company.

Now retired, the couple is acknowledging the importance of Augsburg to their success by establishing the Dale and Carolyn Hanka Business Scholarship.

"The college gave me so much—small class sizes, individual attention from professors, (and) the opportunity to learn teamwork and leadership by playing hockey, to name a few advantages," says Dale, a 1960 Augsburg graduate. "Now, we want to share some of our good fortune with others through the college."

"Business is important in America," he adds. "With the scholarship, we can help students study successful business practices and provide the background to succeed at whatever they do."

The Hankas' scholarship, which is primarily funded with a gift annuity, will provide encouragement and financial assistance annually to one or more students with a business major. In addition to the annuity, Dale and Carolyn make annual gifts to the college, and Dale is an active volunteer, having served as a class agent and a member of Augsburg's alumni board of directors.

Dale says it was his background as a financial planner that led to the Hankas' decision to set up the gift annuity. "I always encouraged people to practice philanthropy and recommended gift annuities. I advised clients to give until it feels good. I thought I had better practice what I preached," he says. "It does feel good to be able to provide funds for scholarships."

He adds: "It's also a good feeling to sign the check and hand the money over—knowing that we are going to be helping someone through college."

A charitable bequest is one or two sentences in your will or living trust that leave to Augsburg 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 give to Augsburg University, a nonprofit corporation currently located at 2211 Riverside Ave., CB 142, Minneapolis, MN 55454, or its successor thereto, ______________* [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 Augsburg University 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 potential 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 may qualify for a federal income tax charitable deduction when you itemize. 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 Augsburg University as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. 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 Augsburg University 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 Augsburg University where you agree to make a gift to Augsburg University 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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