Viking Magazine - October 2018 - 11

endowment, the charity should have a
signed document from you outlining
how your donation is to be designated.
Most nonprofits have these forms
readily available. " Then, identify the
best way to make it happen, " Knudson
says. " Sometimes it might be using a
gift that multiplies. Life insurance is
a great avenue to make your legacy
possible. "
Let Financial Products
Work for You
Sons of Norway Director of Agencies
Len Carlson says people can give
cash or property to charities. But
using financial products, such as life
insurance, can magnify the donation.
Paying premiums provides an
installment plan to pay over time.
One of the easiest ways to leave a
planned gift is to designate a charity
through a life insurance policy. The
donor pays the premium monthly,
quarterly or annually. This type
of planning allows for affordable
payments for a future gift with big
impact. In most cases, it also allows
donors to receive a
charitable tax deduction
on the premiums.
For example, A
65-year-old man can
pay $29,538 for a life
policy valued at $50,000 and
designate a charity as the owner
and beneficiary-and he receives a
deduction on his itemized tax form.*
A $10,000 policy can be purchased
for a one-time fee of $5,819. Or, if the
donor wants to spread out payments,
a $10,000 policy can be paid off for
about $42 a month over 20 years.
" Many people don't realize you can
use a life insurance policy for planned
giving and legacy giving, " Carlson
says. " It can be a funding vehicle
for an endowment or a foundation
and dedicated to certain scholarships
or projects. "
For advice on leaving taxable assets
to a charity and non-taxable assets to
family, Knudson suggests consulting an
estate planning attorney. " Oftentimes
working with a variety of professionals
helps cover all the bases. Our Financial
Benefits Counselors and
Foundation experts are
happy to meet with your
other advisors to help
you do what is best for
you, " she says. Including
family members in planned
giving can also pass on a culture
of philanthropy to children and
grandchildren.
" You don't have to be a millionaire
to be a good philanthropist, " Knudson
says. " You just need to have a good
heart and intent. With proper estate
planning you can support a charity,
minimize your taxes and still support
your heirs. "
*Tax situations are based on residency in the United
States and other factors to be discussed with a tax
professional.
To make a donation to the
Sons of Norway Foundation,
> VISIT sonsofnorway.com/foundation
> CALL 800-945-8851
> SEND an email to foundation@sofn.com
SOURCE: GIVING USA 2018
Sons of Norway, 1455 West Lake Street, Minneapolis, MN, offers financial products, but not all products are available in all states.
Products issued by Sons of Norway are available to applicants who meet membership, insurability and residency requirements.
Core Values of the Sons of Norway Foundation
> Building the heritage of the future
> Sustaining the link to contemporary Norway
> Committing to life-long learning and service
> Preserving compassion for those in need
> Funding innovative individuals and opportunities
> Fostering a cohesive community of philanthropy
sonsofnorway.com VIKING OCTOBER 2018 11
http://www.sonsofnorway.com/foundation http://www.sonsofnorway.com
Viking Magazine - October 2018

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