A Financial & Charitable Planning Newsletter
DATE FYI of Psi Upsilon Dick Rasmussen Profile
Inside
| Plain-Talk - Estate Planning Statistics | The Impact of a Legacy Gift | How to Set-up a Planned Gift
OCTOBER 2020
“ALWAYS TRUST YOUR TEAM”: DICK RASMUSSEN, UPSILON ‘72 SCHOEPLIN SOCIETY MEMBER PROFILE In August of 1968 Dick Rasmussen, Upsilon ’72, boarded a plane l50 miles north of Chicago, in the small town of Sheboygan, Wisconsin, for the second time in his life and flew the University of Rochester in upstate New York. Supported by a scholarship, Dick was the first in his household to attend college. During his four years as an undergraduate he frequently graced the Dean’s List, competed on the Football and Baseball varsity teams, and joined the Psi Upsilon Fraternity. The first person Rasmussen met upon arrival on the Rochester campus was Dana Heumann, Upsilon ‘72, a fellow football player from Evanston, Illinois – may he rest in peace. The two became fast friends and pledged their commitment to Psi U together. Dick
3 Quick Actions to Take
proudly recounts– “personal and intellectual integrity is what I valued about my peers.” Most importantly, Dick found that the Upsilon chapter community was “willing to stand for things beyond themselves” and 50 years later as he asserts this fact, he is doing just that. Dick has always been a team player and assumed responsibility
3 Quick Actions toBefore Take
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your estate andfinances. activities. toin traveling, andplans. after major life changes, include:This is a simple, inexpensive
THE SCHOEPFLIN SOCIETY – PSI UPSILON’S PLANNED GIVING SOCIETY
• Aof power of attorney for health care recognized in unique ways as a thanks forVisit their foresight in building the future our organization. The Society is www.psiu.org getfavorite RetuRn the reply ContACt if you the your family, friends to and them. us In general, most important VISIT www.PsiU.org or call to FOLLOW our website and social media CONTACT us if you have any questionsyour medi named for Paul H. Schoepflin, Pi (Syracuse) 1912, whose bequest made him one Psi Upsilon’s largest benefactors. decisions. If you become incapacitated the latest Fraternity news envelope to support Psi have any questions about causes receive the consideration thing is that you communicate with your Members the Schoepflin to others to theget various ways weabout can extending be generous. cherish theyou because of an accident or illness, supportUpsilon PsiofUpsilon today orlearn toSociety learn demonstrate (including LinkedIN) the latest yourWe support of Psi and activities. today or to extending your support you intended. family to ensure they know what do ifne It isto often generosity and legacy they leave and welcome you to join or confirm your intentions today. will want medical decisions to be made more about including Psi U in your Fraternity news & activities. Upsilon more about including Psi U • A durable power of attorney for of Psi Upsilon. the unthinkable happens while original doc by someone you trust. This document a simple,may inexpensive away. Aestate bequestin oryour trust provision the benefit of the Foundation,afinances. non-profit This 501(c)3isorganization, qualify your estateyou’re for an estate tax charitable deduction. estate for plans. plans. and reliable way to arrange for someone to us manage ContACt if youyour finances
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People Helping People The Impact of a Legacy Gift
PLAIN TALK: 3 Quick ESTATE PLANNING Actions STATISTICS
to Take
• The average age that planned giving RetuRn the reply donors wrote their first envelope to support Psi will was 44 years old Upsilon today or to learn more about including Psi U • Almost all (91.6%) in your estate plans. planned giving donors used a legal advisor to write their wills. Visit www.psiu.org to get the latest • Over halfFraternity (53%)news of and activities. planned giving donors established their first planned gift at the time of writing theirusfirst ContACt if youwill. have any questions about Statistics from the 2019 your Giving support Specialextending Report from USA Foundation, Leaving of Psi Upsilon. a Legacy: A New Look at Planned Giving Donors.
Thank you
for your support ! © The Psi Upsilon Foundation and The Stelter Company
The gift, informationlarge in this publication not intended as Your orissmall, legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples makes a big difference are for hypothetical purposes only and are subject to change. to estate and income taxes include toReferences Psi Upsilon. federal taxes only. State income/estate taxes or state law may impact your results.
Reflections on legacy from Bradly R. Corner, Omega ‘72 (University of Chicago)
I was asked recently “Why do I give back each year to Psi Upsilon Fraternity and Foundation” – Well, it really has to do with people helping other people. Unlike most other non profits or Things Never Told Pack and the causes that Mom we contribute to over the You years, to Psi Upsilon Foundation have allowed me to honor brothers that became great friends. While possibility of having ancreated emergency is the last thing you want Thesethe “mighty friendships” in Psi Upsilon inspired metotothink donate both time treasure to help brothers their objectives about beforeand taking an extended trip,other reviewing your achieve estate planning documents and goals in education throughchecklist. namedDocuments scholarship should behigher at the top of your pretravel youawards. should review prior In addition to giving to my chapter and to the Fraternity and Foundation to traveling, and after major life changes, include: annual funds, I enjoy giving to the specific named scholarships funds honTherefore, should beP. • A will. directs who youHenry would Poor, oring myA will friends: Brother Gammathese ‘39,documents Brother William easily accessible and the person like to inherit your property and King, Omicron ‘73, and Brother Lewis R. Finkelstein, Omicron you ‘83. select should know where to locate assets when you die, ensuring that Each of these Brothers was an inspirational contributor to them. In general, the each most important family, friends Psiyour Upsilon...just a and fewfavorite remarks of what I learned about may hopefully thing is that you communicate withgift your causes receive the consideration inspire others too. Brother Poor described our scholarships as “the that family to ensure they know what to do if you intended. keeps on giving.” After the second time I met Henry Poor he introduced happenshe while • A durable power of attorney for me to a scholarship recipient that wasthe so unthinkable thankful because could finances. you’re away. This is a simple, inexpensive complete his undergraduate degree! The Psi Upsilon scholarship had and reliable way to arrange for helped fill the gap in the undergraduate’s stack of financing to get him someone to manage your finances through school. Brother King from my chapter, the Omicron, recruited if you arealumni unable to so yourself. me as an todohelp him help our chapter both at the chapter level and • A power of attorney for health care later with “the international” to encourage even more scholarships and decisions. If you become awards. And then thereincapacitated is brother Lew, another Omicron who I met when an accident or illness, you already a “greater than life” generous hebecause was anofundergraduate and was will want medical decisions to be made personality! He helped so many brothers over his entire life, voluntarily by someone you trust.the This document and the Foundation. He encouraged serving the chapter, Fraternity gives one orand morefacilitating individuals the scholarship events that many brothers participated in with power to act on your behalf in him. I am really honored to deciding have volunteered, worked and played with your great medical care. these brothers, assisting them in all their good works for Psi Upsilon Fraternity and Psi Upsilon Foundation. Each time I meet or read about the It is often of necessary to present the and awards and hear from them the winners these scholarships original documents invoke power. immense positivetoimpacts the award has rendered I am delighted that we have helped others in a meaningful way.
Before You Hit the Road...
Did You Know? You can easily support Psi Upsilon through your See more about our named awards at estate plan. Contact Mark Williams today to learn more. PsiU.org/psi-upsilon-foundation/grants-scholarships/ To update your records please contact Bethann Taylor, Director of Administration For more information, call or write: The UpsilonPhiFoundation 3003 CEOEast 96th Street Mark Psi A. Williams, ’76 • President •and • 3003 East 96th Street The Psi Upsilon Foundation Indianapolis, Indiana 46240-1357 • • (317)Ext 571-1833, Indianapolis, Indiana (317) 46240-1357 571-1833 102 Ext. 101 Visit our website at www.psiu.org. Visit our website at www.psiu.org
DICK RASMUSSEN (CONT.) Over his long career Dick has been Secretary -treasurer and past President of the Division III Commissioners Association, Co-founder of the National Association of Division III Athletic Administrators, past President of the Executive Council of Psi Upsilon International Foundation, and current Executive Vice President for the University Athletic Association (UAA) since 1987. During his tenure, teams from UAA institutions have won 45 national championships. Further, Rasmussen helped develop the initial NCAA Diversity Education Program in his role as a liaison from the NCAA Committee on Women’s Athletics to the NCAA Minority Interest and Opportunities Committee. Dick has been an active community volunteer for over 25 years. Dick stresses that “you must be willing to doubt yourself, to question your assumptions, ask yourself hard questions, and consider perspectives other than your own.” Diversity in ethnic backgrounds, political opinions, and social concerns could be found at Psi Upsilon in plenty and he takes pride in how well they worked together, remarking “truly diverse teams that draw upon the talents of the whole group tend to be more successful in the long run.” Over his undergraduate career at Psi U and into his professional career, Dick learned the benefit of – and advocates for – trusting himself and others. Dick explains that there is a dichotomy between assumptions and uncertainty: “once you’ve punched, twisted, shaken, stretched, and cracked your assumptions, you can be comfortable in uncertainty, and rely on your assumptions (or change them) and act accordingly.” Dick continues that this is a practice that has to be learned and Psi U helped him to understand that. As he states “my involvement in Psi U stems from the belief that I can make a difference in enabling Psi Upsilon to continue to be the beacon that it has been for so many. The decision Cathy [his wife] and I made to include both Psi Upsilon and my own Chapter, the Upsilon, in our wills is another way we hope to be able to continue to make that difference.”
SET UP A PLANNED GIFT:
JOIN THE SCHOEPFLIN SOCIETY If you’re considering outlining your estate or changing the beneficiary of your retirement plan to benefit Psi Upsilon but are worried that the process may be inconvenient and complicated, you’re about to be pleasantly surprised. It is easy & relatively hassle-free.
• Simply contact your retirement plan administrator for a change of beneficiary form.
Ways to Help Before
Dick and Cathy at the Psi U Convention
• Decide what percentage your would like The Psi Upsilon Foundation to recieve, then name us with the percentage you chose on the beneficiary form. • Return the form to your plan administrator & notify Psi Upsilon 3] Donate an insurance policy. A
FIND GOOD ADVICE gift of a life insurance policy you no
Consulting an makes estate planning attorney is a longer need a perfect year-end gift.investment To qualify as that a deductible gift, The smart can save you and your Psi money Upsilon Foundation must become family and heartache in the long run. the seek policy owner. For mostbefore types of deciding Please legal advice your tax deduction whoinsurance will getpolicies, what in your estate plan. is usually the cost basis or the fair
CONTACT
market value of the policy—whichever
When you To discuss initiating a new fund both benefi please contact Alexander Senchak, out its missi Mark Williams Eta’06, PsiContact Upsilon Foundation Chair &a charitable at (317) 571-1833, Ext. 101, President at asenchak@psiu.org with these benef for questions helpful tips about most this or any yougetting havethe about from yourother gift thisgiving year. options A Very Im is less.
All gifts must December 31
OCTOBER
in your estate plans. and reliable way to arrange for someone to manage your finances
Inside
if you are unable to do so yourself.
Visit www.psiu.org to get the latest Fraternity news and activities.
• A power of attorney for health care decisions. If you become incapacitated
• Profile of Schoepflin Society Member Dick Rasmussen, Upsilon ‘72
because of an accident or illness, you
will want medical decisions to be made
• Plain-Talk by someone you trust. This document - Estate Planning gives one or more individuals Statisticsthe
of Psi power Upsilon to act on your behalf in deciding • The Impact of a Legacy Gift ContACt us if you your medical care. • How to Set-up a Planned Gift have any questions about 2020 extending your support It is often necessary to present the A Financial & Charitable Planning Newsletter of Psi Upsilon. original documents to invoke power.
ONLINE EVENT: FRIDAY OCTOBER 23, 2020 4:15-6:30EST Brothers of Psi Upsilon are invited to gather virtually © The Upsilonawardees Foundation and to honor and celebrate thePsi2020 and those The Stelter to Company whose generosity contributed their awards. Keynotes by: • Ambassador • Morris Wolff,
The information in this publication is not intended as Robertlegal Beecroft, ‘62 (Pennsylvania) or tax advice.Tau For such advice, please consult an attorney or tax advisor. Figures cited in examples Gamma ‘58 (Amherst) are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.
know? You can easily support Did Did Youyou Know? You can easily support Psi Upsilon Psi Upsilon through your estate plan. Contact Senchak today to learn more. estate plan.Alex Contact Mark Williams today to learn m
©The Psi Upsilon Foundation The information in this publication is not intended as legal or tax advice. For
moreorinformation, call or write: such advice, please consuly anFor attorney tax advisor. Figures cited in examples are for hypothetical purposes onlyA. andWilliams, are subject to President and CE Mark Phichange. ’76 •References to estate and income taxes include federal taxes only. State income/estate taxes The Psi Upsilon Foundation • 3003 East 96th Str or state law may impact your results. Indianapolis, Indiana 46240-1357 • (317) 571-18 Visit our website at www.psiu.org.
International Office 3003 East 96th Street Indianapolis, Indiana 46240
Psi Upsilon