The advice of an attorney and qualified financial planner is necessary to assess your personal situation and help you to decide which options might best serve your goals.
Leave a Legacy
Of the many ways in which people or organizations can contribute to the Madison Public Library, planned giving options offer donors unique and meaningful ways to support the organization today while leaving a legacy for future generations.
By remembering the Library Endowment, MPLI, as a beneficiary in your will, you can support the Library’s mission beyond your years. This enables you to retain control and use your assets during your lifetime and that of your spouse’s. Many people find they can make a more generous gift through a will bequest than they can comfortably during their lifetime. In addition, your bequest will qualify you for an estate tax charitable deduction.
MPLI can be named as a beneficiary of your retirement plan or life insurance policy.
Many people are unaware that when retirement plans such as pension funds, 401ks, 403bs, and IRAs are left to an individual other than a spouse, they can be subject to income taxes and estate taxes. If given to MPLI, these funds would escape all income and estate taxes and reduce the size of your total taxable estate. MPLI could receive up to 100% of the remaining benefit in your retirement plan, whereas your heirs may receive only a portion of the benefit. Naming MPLI as the beneficiary of your retirement plan or life insurance policy is easy: you need only to contact the administrator of your retirement or insurance plan and state that you wish to give all or part of the remainder to MPLI.
If you own a life insurance policy that is no longer needed, you may use it to make a gift to the Madison Public Library. You may name MPLI as the owner and irrevocable beneficiary of the policy. In doing so, you qualify for an income tax deduction for the cash value of the policy. Alternatively, you could name the MPLI as the beneficiary of the policy. In this case, your estate would be entitled to a tax deduction equal to the value of the policy.
Please contact the Library Director for additional information regarding these opportunities.