Legacy Society

 

What is the Legacy Society?

Wood Library’s Legacy Society was created to recognize and thank individuals who are leaving a legacy to the library through a planned gift.  Such a gift may be given during a donor’s lifetime or as a part of the donor’s ultimate estate plan.  By naming Wood Library in a will, life insurance policy, or other creative planned giving arrangement, an individual can help to secure the library’s financial future.  These gifts can also generate a significant tax savings for the donor, which makes them an appealing way to support the library in the present.

Legacy Society members have the opportunity to become more involved in the life of Wood Library.  Members are invited to attend special events planned for their enjoyment.  With permission, members are recognized in library publications and displays.

All Legacy gifts, including bequests, annuities, life insurance, appreciated property or stock, real estate, or IRA and other retirement plan beneficiary designated gifts, can be directed to Wood Library’s Endowment Fund, unless the donor designates otherwise.  Unrestricted Legacy gifts are reviewed by the Library Trustees, who determine the most appropriate use of the funds.  An effort is made to balance current library needs with preserving and growing the Endowment Fund.

Wood Library’s Endowment Fund provides ongoing revenue for library operations.  The Board of Trustees has direct responsibility for investment performance and expenditure of these funds.

 

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Legacy Society—Ways to Give

These are the most common planned giving arrangements.  Always consult with your legal, financial, and tax advisers as you prepare your lifetime giving and estate plans.

Will bequest
Bequests are simple to arrange and can be made to support Wood Library’s Endowment Fund, for general purpose, or for a special purpose.

Charitable gift annuity
A gift annuity can be created from cash and appreciated securities.  It provides a guaranteed lifetime income for the donor.  Part of that income is tax free.  The donor also gets a tax deduction for about half of the value of the gift and attractive rates of return.

Life insurance
Wood Library can be named as a beneficiary in a life insurance policy, or ownership of the policy can be transferred to the library.   For a gift made during one’s lifetime, a donor is generally eligible for a tax deduction for the cash value of the policy and for annual premiums made on the policy following the gift.

Appreciated property or stock
Appreciated property such as securities, company stock, and tangible personal property can be a better asset to donate than cash for tax purposes.  With appreciated securities or company stock, Wood Library will receive full monetary value of the stock.  The donor never has to pay capital gains tax.  Property can be donated directly to the library or indirectly through a charitable donor-advised fund.  These gifts are deductible on your income tax return.

Real estate
Real estate can be a useful asset to donate while enhancing your financial condition by providing income and capital gains savings.  You may give your home to the library but retain the right to continue living in it during your lifetime.

IRA, 401(k), or deferred-annuity beneficiary-designated gifts
Retirement plan assets and deferred annuities are subject to both federal and state estate taxes and income taxes.  These assets are costly to transfer to individuals, such as children, because of the taxation.  When Wood Library is named beneficiary, amounts left from such plans pass directly to the library and are not subject to tax.  Through this method of giving, a donor can preserve the full value of a retirement savings account for future generations of library users.

Legacy Society Form

 

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 Contact:

Maria T Bucci – Development Specialist – 585-394-1381 – mbucci@pls-net.org

Jenny Goodemote – Executive Director – 585-394-1381 ext 306 – jgoodemote@pls-net.org

Kathy Rayburn – Trustee & Development Committee Chair – 585-857-6850 – rayburnkathy@gmail.com

Peggy Kane – Board Vice President – 585-394-1381 – peggykane@frontier.com

Wood Library – 134 North Main Street, Canandaigua, NY 14424 – 585-394-1381