Jack ’62 and Nina Osberg Create Estate Plan Gift for Augsburg to Move the Ball Forward

Donor PhotoIt would be challenging to calculate the number of lives former Head Football Coach Jack Osberg '62 and his wife Nina have influenced over their six decades with Augsburg. Each year the couple worked as a team to recruit the year's incoming class of 20-25 football players. They sought out the best players they could find each year; skillful players who would value the Augsburg experience.

Teammates in life and work, the Osbergs recall how close they felt to the football players and to the players' families. Nina says: "I felt as involved as Jack was. I counseled and nurtured many of our players."

"Now at this stage of our life, we look back on what matters to us," Jack says. "We think about how Augsburg touched our lives. I graduated from here. Nina is an honorary Auggie. Three of our six children graduated from here: Peter '93, Jamie '95 and Anne '01. I had the opportunity to work in my dream job here. We think it is a pretty special place. So we decided to do something financially to help Augsburg."

Keith Stout from the Advancement Office described ways they could make a difference in the campaign for the new Center for Science, Business, and Religion. They decided to create a gift through their estate, and Stout introduced them to Glenn Thiel, Augsburg's legacy gift consultant, to finalize the plan.

The Osbergs named Augsburg as a beneficiary of a qualified retirement plan. Their gift is designated for the new Center for Science, Business, and Religion.

It's Time for Us to Give Back

"Planning for how to give to Augsburg has gotten more important to us," Nina says. "Earlier we were scraping pennies. Now we are thinking about how many things we received through Augsburg, and it's time for us to give back. We are cherishing the memories and thinking about what Augsburg means to us."

Jack was actively involved at Augsburg for much of his life, touching six different decades. He arrived as a student in 1958, graduating in 1962. His next involvement came in 1977 as Augsburg's assistant football coach, a part-time job he held through 1984. During those years, Jack also was teaching biology at Wayzata High School. Then in 1991, Jack was named head football coach at Augsburg, a full-time job. Even after he retired in 2005, he worked half time in the Alumni Office for two years and was assistant football coach until 2009.

Nina worked full time for 28 years in an alternative education program at Wayzata High School in Wayzata, Minn. Once she accompanied Jack to Tomah, Wisc., after a full day at school, to visit a prospective athlete. Nina laughs now about how she asked as they were driving through Eau Claire, "Are we almost there?" and Jack replied, "It's just a bit farther." Nina says, "I found out later we still had 80 miles to go." They watched the student play a game, talked with him and his family, and then drove back home, arriving at 3 a.m. That prospective student came to Augsburg, and their friendship continues, many years later. The ties run deep.

"The opportunity I had to work here in a faith-based institution that reaches out to an urban community was so special. It excites me to help Augsburg fulfill and enrich the students who are here now," Jack says. "I am thrilled to be able to make a campaign commitment because of what Augsburg did for me and what Augsburg does for other people."

Jack adds: "My classmates, professors and coaches all influenced my life and helped me figure out what I wanted to do. Augsburg helped me mature and sense my vocation. Those relationships have continued, not only with my classmates, but with students I coached and their families. The people and the values are still important here. Nina and I want to help this place that matters so much."

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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