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Giving Options
There are multiple legacy gift options to consider when making a lasting gift to the Library.
A bequest in your will or living trust, leaving the Foundation a percentage of your estate, a specific amount, or an asset or a specific amount.
Here are some common types of bequests to consider:
- Residential bequest – A percent of the remainder of your estate after other specific legacies have been fulfilled.
- Specific bequest – A specific dollar amount, stated percentage of your estate or specified gift-in-kind such as collections, arts, books, jewelry, etc.
- Contingent bequest – A gift that is originally intended for other beneficiaries but, in the event of their prior passing, is redirected as a charitable donation.
- Sample will language
Beneficiary Designation
You can make a beneficiary designation in support of Pierce County Library Foundation. To do so, contact the firm that holds your assets and complete a beneficiary form.
The following are some common assets for this type of gift:
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Retirement funds gift – You can reduce or even eliminate tax liabilities on your retirement plan by naming Pierce County Library Foundation as a direct beneficiary. The entire amount of your IRA, 401(k) or other retirement accounts may be taxed if you leave them to your heirs. Instead, consider giving them less tax-burdened assets like real estate and stock, and use retirement assets to create your legacy gift with the Foundation.
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Life insurance policy gift – If you have a life insurance policy that has outlasted its original purpose, you can use it to fund a legacy gift while enjoying tax savings during your lifetime.
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Savings bonds – When you redeem savings bonds, you (or the person to whom you leave your bonds) will owe income tax on the appreciation. Since Pierce County Library Foundation is a tax-exempt organization, 100% of your gift of savings bonds will support our mission to strengthen our libraries.
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CDs, bank accounts, and brokerage accounts – Naming Pierce County Library Foundation as the beneficiary of a certificate of deposit, a checking or savings bank account, or a brokerage account is one of the easiest ways to positively impact our libraries.
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Donor-advised fund residuals – Final distribution of contributions remaining in a donor-advised fund is governed by the contract you completed when you created your fund. Please consider naming Pierce County Library Foundation as a successor of your account or a portion of your account value.
Real Estate
There are many options within the category of real estate. You can donate appreciated real estate, such as a home, vacation property, undeveloped land, or commercial property.
You can make this generous gift while still using the property throughout your lifetime, and you may even receive a tax deduction for your gift.
