The Auggie Spirit of Giving: Scott Weber '79

Scott Weber

Scott Weber '79, History

As a young man at Augsburg, Scott Weber's favorite time of year was Velkommen Jul, the event that ushers in the Christmas season with ladies dressed in traditional Norwegian bunads, Yuletide music, and Scandinavian treats including krumkake and the always popular yet odious Norwegian delicacy—lutefisk.

Weber studied history at Augsburg with advisor Khin Khin Jensen. He says his favorite professors were Myles Stenshoel who taught Constitutional Law and the late Joel Torstenson in sociology. After graduating, Weber went on to obtain his master's in nursing at the University of Wisconsin - Madison and later received his doctorate in education from Boston University. Since 2003, Weber has been an assistant professor of nursing and public health at the University of Pittsburgh. Prior to this he was the associate dean of health sciences at Northeast Wisconsin Technical College in Green Bay.

Recently Weber designated Augsburg as a recipient of his estate. "Augsburg was a very important part of my young life," he said. "My experiences at Augsburg helped to put me on the right track in so many ways in my life." Weber made a gift commitment to the College because he wants to ensure that Augsburg can continue to nurture young people and to encourage them as he was. "This is what young people need—to spend lots of time with good, inspiring, uplifting people."

With his gift commitment, Weber became a member of the Sven Oftedal Society which honors alumni, parents, and friends of the College who make an estate provision or life income gift. To discover how you can join Dr. Weber in the Sven Oftedal Society with planned gifts including will or revocable trust provisions, insurance gifts, charitable gift annuities, or gifts of retirement plan assets, contact Doug Scott at 612-330-1575 or 1-800-273-0617 or scottd@augsburg.edu.

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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