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FAQ's
- How do I make a gift
to Friends in my will?
- What kind of donors
should consider a charitable remainder trust?
- What's the advantage in making
Friends a beneficiary of my retirement plan,
IRA or life insurance policy ?
- How do planned gifts
benefit the library?
- How can Friends assist
me in making a planned gift?
- What should I do if I have
already named Friends in my estate plan?
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1. How
do I make a gift to Friends in my will?
A. The most
common way people remember Friends is through their will
or living trust (charitable bequest). You may use the
following suggested language as you write your will or
you may consider adding the language to your existing
will as an amendment/codicil:
"I give and bequeath Friends of the San Francisco
Public Library, doing business as the Friends of the
Library, tax identification number 94-6085452, located
in San Francisco, California $_________" (or state
a percentage of your estate, or describe real or personal
property, including exact location).
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2. What
kind of donors should consider a charitable remainder
trust?
A. Donors
who want income for life, deferral of capital gains tax
on stock or real estate, an immediate income tax deduction,
avoidance of estate tax, and the satisfaction of providing
a generous gift to Friends, may consider a charitable
remainder trust
Trusts are individually designed to meet the unique
circumstances of the donor – his/her charitable intent
as well as financial, estate planning and tax goals.
Assets that you place in a charitable remainder trust--cash,
stock, real estate, or a combination -- are managed
and invested by the trustee. The trustee pays you a fixed dollar amount or a fixed percentage of the assets for the
rest of your life or a specified period of years after which the remainder passes to Friends. If you wish, this payment may be made to others.
There are two basic types of charitable remainder trusts. A charitable remainder annuity trust will pay you a fixed dollar amount (the annuity) for
the rest of your life. A charitable remainder unitrust will pay you
a fixed percentage of the trust assets each year,
so if the value of the trust's assets increases over
time, your unitrust payout increases with it.
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3. What's the advantage of making Friends
a beneficiary of my retirement plan, IRA or life
insurance policy?
A. Most
retirement plans include assets that are not taxed
while within the plan. Typically, distributions are
taxed when they are paid out to the beneficiary or
beneficiaries. With the exception of a surviving spouse,
heirs who receive these distributions can be heavily
taxed because of double taxation of retirement assets. Naming Friends as the beneficiary of your retirement plan results in the assets passing to Friends without any income tax or estate tax ramifications. Because
of the variety of retirement plans and restrictions,
we recommend that you review your circumstances with
a retirement plan administrator, tax or financial advisor.
Naming Friends as a beneficiary of your life insurance
policy may allow you to reduce your income or estate
tax liability while providing support for Friends.
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4. How
do planned gifts benefit the library?
A. Planned
gifts support the excellent library services and programs
not funded from city revenues and sustain these programs
for future generations. The legacy of a planned gift
is very meaningful to both donors and their families
and also, of course, to Friends.
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5. How
can Friends assist me in making a planned gift?
A. Friends will
provide you with bequest language as well as trust-related
tax and income calculations tailored to your individual circumstances. We hope
that this information, with the guidance of your financial or
tax advisor, will help you to make an informed decision as to whether a planned gift to Friends
will meet your philanthropic and financial objectives. All information is provided
by Friends confidentially and without cost or obligation. Contact us at (415)
626-7512 ext. 120 or plannedgiving@friendssfpl.org.
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6. What
should I do if I have already named Friends in
my estate plan?
A. We would
be pleased to personally thank you and to enroll you
in the Friends of the San Francisco Public Library's
Legacy Circle, an honorary society that acknowledges
donors who have named Friends in their estate plans.
Legacy Circle members are invited as guests of honor
to special, members-only events at the Library and are
listed in our publications (anonymous membership is available
as well). Let us know if you have named Friends in your estate plans
by contacting us at (415) 626-7512 ext. 120 or plannedgiving@friendssfpl.org.
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Please note that the answers to these questions are not intended to be legal advice.
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