Planned Gifts
“Someone’s sitting in the shade today because someone planted a tree a long time ago.”
– Les Brown
Are you willing to plant a shade tree knowing you, personally, will never sit under it, but are satisfied because future generations will? If you answer “yes” to this question then you already understand the concept of planned giving, making a donation through your estate plan even though you may never see your gift at work. A gift through an estate plan is one of the most altruistic gestures one can make. It is a gift solely for the sake of others, a gift for future generations.
Anyone can make a planned gift – regardless of the dollar value of one’s estate. It only takes passion for The Friends and our mission.
Including The Friends in your estate plan can be a simple as making a provision in your will or trust. You can do this by designating a specific amount or a specific percentage of your estate as a gift to The Friends. You can also name The Friends as a beneficiary of a life insurance policy or make use of a number of life income arrangements. And, it is now possible to make a “rollover” gift, during 2009, out of your IRA account.
Various types of Charitable Trusts can provide specific benefits such as reductions in estate taxes, elimination of capital gains, and tax deductions that support your financial plan both now and in the future, as well as other benefits. A Charitable Remainder Trust (CRT) or Charitable Lead Trust (CLT) can be a powerful tool for allowing you to make a significant gift to the Library while also providing tax advantages. We urge you to discuss a gift to The Friends with your attorney and financial advisor.
In the past, The Friends has been the recipient of several generous bequests to support the Saint Paul Public Library. In most cases, bequests are placed in endowment funds that support the Library on an annual and on-going basis. These endowments are permanent cornerstones for the Library. These funds assure that the Library will have additional resources each year to respond to the most immediate and sometimes pressing needs of patrons.
The Friends established The John & Myrtle Briggs Circle to recognize those who have chosen to make a lasting commitment to The Friends with a provision in their estate plan. The Library has benefited greatly from The Friends’ endowments and gifts established by these individuals. Through the generosity of The John & Myrtle Briggs Circle members, The Friends has provided: funding for tens of thousands of library books and materials; free, award-winning literary and music programs; support for renovating and constructing new library buildings; and, community outreach programs. Have you already included The Friends in your estate plans? Please let us know so that we may include you in The John & Myrtle Briggs Circle and invite you to our annual Donor Society Luncheon.
If you are undecided about just how to make your commitment, please call us and we would be delighted to discuss the various options that are available. We are happy to share with you the wide variety of ways you can make a bequest to The Friends.
Once you have decided to plant that shade tree, we will help make certain that it flourishes and that your gift will benefit the Saint Paul Public Library and the future generations who enjoy and depend on it. For more information, please contact Liz Boyd at 651-222-3242 or Liz@thefriends.org.
“A man doesn’t plant a tree for himself. He plants it for posterity.”
– Alexander Smith
Tips for Giving Wisely
Finding the best uses for your charitable dollars can be challenging, especially if you are considering making a planned gift for the first time. Not only do you need to decide how much to give and to whom, there’s also the question of what form your gift should take. Jean Vukas Roberts, director of gift planning at the St. Paul Foundation and a board member of the National Committee on Planned Giving, offers these suggestions for making the best gift for you and your family.
- Talk with a professional advisor, such as an attorney, an accountant, or a financial planner. They can guide you to the best planned giving options, explain the intricacies of estate planning, and help you weigh the pros and cons of different choices.
- Look where you already give. If you’ve donated over the years to a particular charity, consider making it the recipient of a planned gift. These gifts allow you to give to charity during your lifetime or after your death. Talk to the organization about its needs and intentions for your donation.
- While you might have specific intentions for your donation, think of the big picture. It’s difficult to predict the needs of the organization and the community five, ten, and twenty years from now. Try to give the nonprofit some flexibility in spending your money.
- Research various organizations through the Internet. Some options include GuideStar (guidestar.org), Action Without Borders (idealist.org), or the Minnesota Attorney General’s Office (ag.state.mn.us/charities). These sites allow you to evaluate forms that nonprofits must file with the IRS, tracking administrative expenditures versus funds spent on charitable causes.
- Think about teaming up with a community foundation. They have a wealth of resources about causes and the organizations that effectively address them. Staff can help you create innovative ways to make a big difference in the areas that matter most.
- Ask as many questions as you require. Planned giving can be confusing, overwhelming, and a bit scary. Don’t try to go it alone.
