Outright
Gift or Year-End Giving
By making charitable gifts during your lifetime, you can take maximum
advantage of the charitable deduction on your income tax return. Lifetime gifts
can also reduce the size of your estate and allow you to see the money put to
immediate use.
You
can also designate a gift for a specific project or program to enhance the
Library's service to the community.
Giving
long-term appreciated stock to the Library Foundation gives you two tax savings.
First, you can avoid paying any capital gains on the increase in value of your
stock. Second, you receive a tax deduction for the full present value of the
stock.
Memorial
Gifts
When a relative or friend dies and the family asks that you make a
contribution to a charity of choice, it is sometimes hard to decide which
charity should receive the gift. A gift to the Foundation solves the problem,
and the family of the person you are remembering will be informed of the gift.
By
Will or Trust
You may choose to leave a portion of your estate to the Foundation by naming
it in your will or trust. Such a gift may substantially reduce the amount of tax due on
your estate. You can specify a dollar amount, a particular block of appreciated
stock, or a percentage of your estate.
You
could also consider using a Charitable Remainder Trust (CRT), using a portion of
your estate as a gift, which would also give you or a spouse an income stream for
life.
Life
Insurance
If you make the Library Foundation the
irrevocable beneficiary of a life insurance policy, your annual premium is
tax-deductible. The cash surrender value of an existing policy is also
tax-deductible.
If you own a
life insurance policy that is no longer needed, consider it as a perfect vehicle
for a charitable gift. Simply name the Library Foundation as both the owner and
beneficiary of the policy.
Other
Forms of Giving
Talk to your attorney or tax advisor about other ways that you may be able
to benefit the Library Foundation with your generosity and at the same time
realize tax savings for yourself or your heirs.
