Viking Magazine - October 2015 - 10

Finance
Making an Impact
Often people think if they don't have a lot
of money that charitable planning is not for
them, says Diane Lautt, an attorney with
Howard & Associates, P.C. in Minot, N.D.
" Anybody can make an impact in an area they
are passionate about, " she says. They may not
be able to write a check today, but it can be
possible to build up a fund over time or give
on a deferred basis.
95.4%
of households
give to charity
Charitable Giving
Leave a legacy to the organizations and charities closest
to your heart.
D
an and Betty Rude joined the Sons of Norway in 1972 for the good deals
on flights to Norway. But soon they ventured beyond the travel bargains
and began to learn about their Norwegian heritage through classes in
folk dancing and rosemaling. " We've made some great friends, " says Dan. " It's
like one big family. " In their 40-plus years as members of the organization, the
Missoula, Mont., couple has held nearly every leadership position at the local,
district and international level. Dan currently serves on the Sons of Norway
Foundation Board of Governors and Sons of Norway's Board of Directors.
The Rudes, both retired elementary school teachers, were always good savers.
They didn't need the money from their individual retirement accounts as they
came due, so they created three endowments that would benefit their church,
Habitat for Humanity and the Sons of Norway Foundation.
" We wanted our money to do some good, " says Dan, embracing the idea
that the principal remains intact but the interest is distributed. " Your gift keeps
giving all the time. It never runs out. " Each year, the Rudes contribute with the
goal of giving at least $100,000 to the Sons of Norway Foundation to establish a
scholarship for students who want to go into the field of elementary education.
10 VIKING OCTOBER 2015
There are many
ways to give to a
beloved cause, such a
gifting an IRA, as the
Rudes did. People can
also make a statement
of their intentions
in their will, name a
charity as an owner
or beneficiary of a life
insurance policy, set
up a charitable trust or
create a donor-advised fund.
" Charitable giving is easier than you think, "
says Sons of Norway Foundation Director
Cindy Olson. " The process is simple. " Money
donated to the Foundation can be directed to
a scholarship fund, humanitarian needs, or
grants to support heritage programs. With a
current value of $6.5 million, the Foundation
awards more than $100,000 a year in these
three areas.
Gifting and Estate Planning
Life insurance can help magnify the
contribution a member makes to the
Foundation or any qualified charitable
organization. The owner can change the
beneficiary on an existing policy or take out
a new policy so the charity receives the death
benefit.
This form of gifting also allows the policy
owner to deduct the cost of the premium
from their taxes.
sonsofnorway.com
http://www.sonsofnorway.com
Viking Magazine - October 2015

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