The Friends Foundation of Wicomico Public Library is dedicated to supporting the library’s mission of enriching lives, inspiring learning, and building community. A planned gift ensures that future generations will continue to benefit from the library’s programs, services, and resources.
There are many ways to make a gift to the Friends Foundation of Wicomico Public Library. Choose the gift method below that works best for you. For more information, please contact Seth Hershberger at shershberger@wicomico.org.
Ways to Give
Bequest from Will or Living Trust
- You can create a legacy gift with a provision in your will or living trust that includes a specific dollar amount, asset, or percentage of your residuary estate. Bequests may include cash, securities, real estate, or other property and may be outright, contingent, or residual. Bequests are deductible for federal estate tax purposes and are generally not subject to state and inheritance taxes.
Sample Bequest Language:
- Specific Bequest:
“I bequeath the sum of $[ ] of my total estate assets to the Friends Foundation of Wicomico Public Library, federal tax ID number [Please email shershberger@wicomico.org for the number.], to support its mission and operations.”
- Residual Bequest:
“I bequeath [ ] percent of the residue of my total estate assets to the Friends Foundation of Wicomico Public Library, federal tax ID number [Please email shershberger@wicomico.org for the number.], to support its mission and operations.”
- Contingent Bequest:
“In the event that [ ] predeceases me, I bequeath the sum of $[ ] (or, alternatively, [ ] percent of the residue of my total estate assets) to the Friends Foundation of Wicomico Public Library, federal tax ID number [Please email shershberger@wicomico.org for the number.], to support its mission and operations.”
Gifts from Retirement Plans or IRA
- If you are 70 ½ or older, you can make tax-free contributions from your IRA or other qualified retirement plans (401k, 403b, etc.). This donation counts towards your Required Minimum Distribution (RMD) and reduces taxable income. Consult your financial advisor or plan administrator for details.
Charitable Remainder & Lead Trusts
- Charitable Remainder Trust (CRT): Provides income for life or a set term, with the remainder supporting the Friends Foundation.
- Charitable Lead Trust (CLT): Provides income to the Friends Foundation for a set period, after which the remainder returns to you or your beneficiaries.
Life Insurance
- You can name the Friends Foundation of Wicomico Public Library as a beneficiary of a life insurance policy or donate a paid-up policy for an immediate tax deduction.
Savings, Checking, Brokerage, or Transfer on Death Accounts
- You can designate the Friends Foundation of Wicomico Public Library as the beneficiary of your savings, checking, or brokerage accounts.
Real Estate
- Donate appreciated real estate (without liens or mortgages) to support the Friends Foundation.
Qualified Charitable Distributions (QCDs)
- If you are 70 ½ or older, you can transfer up to $100,000 per year ($200,000 for married couples) from your IRA to the Friends Foundation tax-free.
Register Your Bequest
- If you have included the Friends Foundation of Wicomico Public Library in your estate plans, please let us know so we can acknowledge your generosity. If you prefer to remain anonymous, we deeply appreciate your thoughtful commitment.
Questions?
For more information or to discuss how you can support the Friends Foundation through a planned gift, please contact Seth Hershberger at shershberger@wicomico.org.