Mary Loken Veiseth ’70 M.D.

Donor Photo

Mary Loken Veiseth, M.D.

Back in 1966, eight young women moved into French House, a house adjacent to campus which housed the remaining incoming freshman women who could not be accommodated in the residential housing on campus. Although none of these women knew each other before their arrival, they quickly formed a lasting bond that has endured throughout the years. Although French House is long gone, "six or seven of us still get together each year," Mary Loken Veiseth joyfully shared in a recent interview. "Augsburg fostered quality friendships that have remained with me today.

Augsburg is no stranger to Loken's family. Her mother, Gretha Halvorson, graduated from the college in 1938 when the campus was much smaller and class schedules and routines were much more structured than they are today. Growing up on the Halvorson family farm in Wanamingo, Minn., located between the Twin Cities and Rochester, Augsburg was considered a "big" college to her mother and opened Loken's eyes to an education she only dreamed about while on the family farm. Today, Loken lives on the Loken family farm maintained by her and her husband, Denny Veiseth. She remains committed to rural life and the warmth that it has to offer.

But it was Loken's four years at Augsburg that gave her the rich science background that formed the basis of how she lives her life and shares her gifts. She loved the anatomy, biology and chemistry foundation she received while completing her degree in physical education and health, graduating in 1970. More than 10 years after graduation, Loken made the decision to pursue a career in medicine after a rewarding career in genetics at the Mayo Clinic. Today Loken is a doctor in family practice at Apple Valley Medical Clinic in Apple Valley, Minn.

"Augsburg gave me the chance to see the value of my education and identify the future gifts I could provide to the world," Loken said. "It was my love of the sciences that motivated me to do more."

Recently, Loken made provisions for the college as part of her estate plans. As a contributing member to the annual fund and a planned giving donor, Loken would like to provide the opportunity for others to discover themselves as she found her giftedness in sciences and in medicine. She encourages other alumni to consider the college in a significant way so that other students may be supported in their journeys.

"By remembering Augsburg in my estate, I am helping the future of the college by fostering tomorrow's leaders who will find their vocation as I did," she said.

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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