Planned Giving
Gifts
Have you thought of leaving a gift from your estate to Friends & Foundation of HCLS? A legacy gift from your will or by designating Friends & Foundation of HCLS as the beneficiary of an account is a wonderful way to support the Library through a donation with a lasting impact. Making a gift in this manner may reduce the amount of your estate subject to taxation. For more information about including Friends & Foundation of HCLS in your estate please consult your tax or financial advisor for more details.
Four Types of Bequests and Estate Gifts
A simple way to support Friends & Foundation of HCLS is to remember our organization in a will. Most people make their gift unrestricted to allow use of the funds where they are needed most when received. An attorney can draft a codicil or amendment to an existing living trust or will. In general, bequests can be made as:
Name Friends & Foundation of HCLS as the beneficiary of a retirement account
Designate Friends & Foundation as a full, partial or contingent beneficiary of a retirement account (IRA, 401(k), 403(b) or pension). The company that holds the account can provide paperwork to you to change the beneficiary.
Gifts from your IRA
There is a special opportunity available to those aged 70.5 or older: you can give any amount (gifts of any value up to $100,000 are eligible for this benefit) per year from your IRA directly to a qualified charity such as Friends & Foundation of HCLS without having to pay income taxes on the money. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
Legal Name: Friends of the Howard County Library, Inc.
EIN/TIN: 52-1226011
Mailing address: Attn: Planned Giving, 9411 Frederick Road, Ellicott City, MD 21042.
For more information, please contact Rita Hamlet at 410.313.7799 or via email: rita.hamlet@hclibrary.org.
* Please rely on advice from your financial advisor or tax professional to understand how laws and regulations governing retirement plans, Medicare, and Social Security may impact you.
Have you thought of leaving a gift from your estate to Friends & Foundation of HCLS? A legacy gift from your will or by designating Friends & Foundation of HCLS as the beneficiary of an account is a wonderful way to support the Library through a donation with a lasting impact. Making a gift in this manner may reduce the amount of your estate subject to taxation. For more information about including Friends & Foundation of HCLS in your estate please consult your tax or financial advisor for more details.
Four Types of Bequests and Estate Gifts
A simple way to support Friends & Foundation of HCLS is to remember our organization in a will. Most people make their gift unrestricted to allow use of the funds where they are needed most when received. An attorney can draft a codicil or amendment to an existing living trust or will. In general, bequests can be made as:
- Percentage bequest – a percentage of your estate
- Specific bequest – a specific dollar amount or a specific asset
- Residual bequest – from the balance or residual of your estate
- Contingent bequest – a gift occurs only if the named beneficiary(-ies) or purpose of the primary bequest cannot be met.
Name Friends & Foundation of HCLS as the beneficiary of a retirement account
Designate Friends & Foundation as a full, partial or contingent beneficiary of a retirement account (IRA, 401(k), 403(b) or pension). The company that holds the account can provide paperwork to you to change the beneficiary.
Gifts from your IRA
There is a special opportunity available to those aged 70.5 or older: you can give any amount (gifts of any value up to $100,000 are eligible for this benefit) per year from your IRA directly to a qualified charity such as Friends & Foundation of HCLS without having to pay income taxes on the money. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
Legal Name: Friends of the Howard County Library, Inc.
EIN/TIN: 52-1226011
Mailing address: Attn: Planned Giving, 9411 Frederick Road, Ellicott City, MD 21042.
For more information, please contact Rita Hamlet at 410.313.7799 or via email: rita.hamlet@hclibrary.org.
* Please rely on advice from your financial advisor or tax professional to understand how laws and regulations governing retirement plans, Medicare, and Social Security may impact you.
