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
Qualified Charitable Distributions (QCDs) from IRAs remain one of the most tax-efficient giving tools available, allowing donors 70½ or older to donate directly from their IRA, up to $100,000 per person in 2025, and $108,000 in 2026 without it counting as taxable income. 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.
Donor Advised Funds (DAFs)
These are charitable accounts that you create with a 'sponsoring' organization, typically a charitable arm of a financial service firm or a community foundation. Donors advise the sponsoring organization to send grants to your chosen charities. DAF's offer an immediate tax deduction when set up, flexible timing for making grants, ease of use, and low administrative costs, plus the ability to be anonymous and also include family members. Please not that the IRS stipulates that DAF grants cannot result in any tangible benefit to the donor, for example to qualify for event tickets.
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
Qualified Charitable Distributions (QCDs) from IRAs remain one of the most tax-efficient giving tools available, allowing donors 70½ or older to donate directly from their IRA, up to $100,000 per person in 2025, and $108,000 in 2026 without it counting as taxable income. 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.
Donor Advised Funds (DAFs)
These are charitable accounts that you create with a 'sponsoring' organization, typically a charitable arm of a financial service firm or a community foundation. Donors advise the sponsoring organization to send grants to your chosen charities. DAF's offer an immediate tax deduction when set up, flexible timing for making grants, ease of use, and low administrative costs, plus the ability to be anonymous and also include family members. Please not that the IRS stipulates that DAF grants cannot result in any tangible benefit to the donor, for example to qualify for event tickets.
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.
