Planned Giving
Ways of Giving
A gift to the Norman Williams Public Library can be made in many different ways. All of the ways benefit both your Library — and you, the Donor.
Outright Gifts
- Cash
- Securities
- Tangible Personal Property
- Real Estate
Deferred Gifts
Bequests Life Income Trusts Annuities Life Insurance, IRAs
Outright gifts immediately benefit the Library's mission and its programs. The donor also benefits by a tax deduction for gifts of cash and tangible personal property. For gifts of appreciated securities and real estate, the donor benefits by a tax deduction and the avoidance of capital gains taxes. In each instance, the gift reduces the assets in your estate that could be subject to estate taxes.
An outright gift may be directed by the donor to support the Library's Annual Giving Program or its Endowment.
Deferred gifts are those where the full benefit to the Library is delayed. All deferred gifts support the Library's Endowment.
A bequest is the most common deferred gift. With this type of gift, donors direct in their will that a certain amount, percentage, or portion of their estate will be given to the Library at the time of the estate assets are distributed.
In a charitable remainder life-income trust, you as Donor receive a quarterly payment from the income earned on the gift principal, while directing that the remainder of the principal be given to the Library when the trust is terminated. Establishing such a trust provides the donor with a tax deduction and income for life, as well as no capital gains tax if the gift is in the form of appreciated securities or real property. There are several other types of charitable trusts, but this is the most common.
An annuity gift is a contract in which, in exchange for your gift, the Library promises to pay you a fixed amount of income over the life of the contract. Again, you as the Donor enjoy income for life, a tax deduction, and potential capital gains tax savings, depending on the nature of the gift.
In both life insurance policies and IRAs, you can re-designate existing life insurance policies and IRAs with the Library as the beneficiary or part beneficiary. A donor can also purchase a new life insurance policy with the Library as beneficiary and then pay the premiums, or establish a new IRA with the Library as full or part beneficiary. Again, there are tax benefits to you, the Donor.
We recommend that you consult your financial and legal advisors in deciding what deferred gift arrangements are best for your overall needs in planning for the disposition of your estate while also addressing your philanthropic goals.
If you are considering an endowment or deferred gift , or wish further information on such gift opportunities, please contact us by calling the call Library Director at 457-2295 or email plannedgivingREMOVETHISBEFORESENDING@normanwilliams.org. We can send printed information, talk by phone, or meet with you in person.