What is the Charles A. Loomis Legacy Society?
The Legacy Society was established to ensure Wood Library’s future financial stability and continued excellence through planned gifts. The Society recognizes the special people who have included Wood Library in their charitable-giving plans. It was named for Charles A. Loomis who is recognized as the first person to endow a gift to Wood Library in 1897. Legacy Society members value the library and its role in the community, and they want it to thrive. Through individualized planned gifts, Legacy Society members help to create a stable financial future for Wood Library and create a personal legacy that will last forever.
What are Legacy gifts?
Legacy gifts provide for the library’s future financial stability and continued excellence. They are realized during or after a donor’s lifetime. The most common and simple way to make a Legacy gift is by a will bequest or by designating Wood Library as the beneficiary of a retirement asset or life insurance policy. Legacy gifts can also be property or securities, or a deferred gift such as a charitable gift annuity or a trust. Learn more about the different types of Legacy gift options below.
Create your legacy—make a difference!
With careful planning, you can create a Legacy gift that will have a lasting impact. In addition to the financial flexibility and tax benefits offered, legacy gifts give you an opportunity to make a difference during and beyond your lifetime. When you name Wood Library in your charitable-giving plans and let us know about it, we will invite you to become more involved in the life of the library. You will receive an invitation to special events; and, with your permission, we will list your name in the annual Report to the Community.
Legacy Society—Ways to Give
These are the most common planned charitable gift arrangements. Always consult with your legal, financial, and tax advisers as you consider a planned gift.
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.
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 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.
Download and Print Legacy Society Form
Maria T Bucci – Development Specialist – 585-394-1381 – [email protected]
Jenny Goodemote – Executive Director – 585-394-1381 ext 306 — [email protected]
Wood Library – 134 North Main Street, Canandaigua, NY 14424 – 585-394-1381