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Planned Giving

The Value in Giving to Concordia

Ada and Hiram Drache

Ada and Hiram Drache

It doesn't take a Concordia degree to see the value in giving to Concordia. This is clearly displayed through Hiram and Ada Drache.

Hiram graduated from Gustavus Adolphus and is a professor emeritus of history at Concordia and current historian-in-residence. He says that giving is part of a simple mindset. "I wanted to repay Concordia for every dollar I earned while teaching here," Hiram says.

The two were raised in unselfish, giving households, and it never occurred to them to do anything but just that. "It seemed like every time we accumulated money, we gave it to a charity," Ada says.

In the early 1970s, Hiram and Ada purchased a farm, and, with the help of a friend, they were able to make the down payment. They bought the farm to specifically donate back to Concordia College in the future. In 1990, after paying off the contract, the farm went straight to the college. The proceeds were used to endow a chair of history and began a long list of gifts to the college from the Draches.

Hiram tells others that all gifts count: "It's such a simple mindset. Smaller gifts are worth it!" Saving in order to give is a common practice in the Drache household. "If you need to save, cut back on spending. Saving in the long term allows you to give," Hiram says.

Today, Hiram and Ada live just a few blocks from campus. Hiram still works in the library and walks every day. Hiram recently published a new book on organic farming. The couple enjoy time at various campus activities and visiting with students whenever there is a chance.

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A charitable bequest is one or two sentences in your will or living trust that leave to Concordia College 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 Concordia College, a nonprofit corporation currently located at Moorhead, MN, 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 Concordia College 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 Concordia College 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 Concordia College 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 Concordia College where you agree to make a gift to Concordia College 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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