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A Flexible Plan With Solid Results

Russ and Suzanne Schwichtenberg

Russ and Suzanne Schwichtenberg

Russ Schwichtenberg

Russ and Suzanne Schwichtenberg decided years ago they wanted to make a meaningful impact and leave a lasting legacy with Concordia. For Russ, Suzanne and many alumni like them, Concordia is a core part of their lives. Accordingly, they want to be part of the University's future. To express that feeling they chose to include a gift to Concordia (and other ministries) in their estate planning.

Yet, as much as he cherishes Concordia, Russ wanted to first ensure he provided for his wife and family. Having been a planner all his life, Russ knew there were many ways he could care for his family's future while also supporting the missions and ministries of Concordia. However, for any plan to work, Russ knew it had to:

  • Be flexible
  • Provide for family
  • Provide for their favorite ministries

Russ chose to amend an existing life insurance policy as a key part of his plan. His wife still receives most of it (which is why he created it years ago), but now a percentage will benefit Concordia's Theater Department and other beloved causes by funding two charitable remainder unitrusts. Each offers tax benefits which could result in more funds available for the family.

One unitrust pays income to his wife for as long as she lives. The other pays income to his son and daughter each year at Christmas for twenty years. Russ envisions them running to the Christmas tree each year to receive their gifts as they did when they were children.

At the end of both unitrusts, remaining funds go to Concordia and the family's charities. The best feature of the plan is its flexibility, because the gift does not start until Russ passes away. Until then he can change any part any time. And because he did not want Concordia and the other ministries to wait "twenty years" for his gift to come to fruition, he also included a cash gift to them in his will, which again, he can change.

The Schwichtenbergs are a close family and Concordia is the thread that runs through all their lives. But as passionate as Russ and his family are for the University, they are equally eager for others to know it is possible to provide for your family while also creating a charitable legacy. And as Russ says, "It's easy."

There are many things you can do to support the people and organizations important to you. Review your life insurance policy(ies), investment and retirement accounts. Russ found joy and peace of mind with his plan that benefits so many so flexibly. Russ calls it, "Giving and receiving," and he encourages everyone to see how rewarding it can be. If you want to learn more about your possibilities, contact Mark Hill at 651-641-8223 or hill@csp.edu.

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