How You Can Help Your Library

By Doug Dawson

Many people wish to make a lasting contribution to the La Jolla Library they have used throughout their lives. There are a number of ways you can help maintain your Library for generations to come. Here, and in future newsletters, we will discuss various methods by which you can support your Library.

Those who make a bequest or other planned contribution to the La Jolla Library are recognized through membership in the Library Legacy Society. You can become a member of the Legacy Society by letting the Library know you are doing one of the following:

• Naming the La Jolla Library to receive a bequest in your will;
• Making a contribution for which you have lifetime income;
• Making a contribution to the Library for a period of years, after which the assets return to your family;
• Making a contribution of your residence or other real property;
• Making a contribution of retirement accounts; and/or,
• Contributing Life Insurance

Bequest

Charitable bequests are an important part of estate planning. Your La Jolla Library receives wonderful contributions from farsighted individuals who make contributions through their wills or trusts, often at a more significant level than they could have made with an outright contribution. By leaving a bequest, you can have a lasting impact on generations of Library patrons to come.

Your taxable estate is reduced by the value of the bequest and can save taxes. Since the estate tax is progressive, the larger the estate, the more savings per dollar contributed. Bequests can be for a specific amount of money, securities or other property as well as residuary, to be paid after other obligations.

Lifetime Income

You may transfer assets – cash, securities, or real property – to a trust and provide a life income for beneficiaries. After the lifetime of the recipients, the assets go to the La Jolla Library. Life income trust can provide income tax deductions, capital gains avoidance, estate tax reductions, and income for life. Some forms of life income arrangements are unitrusts, annuity trusts, and pooled income funds.

We will continue to discuss methods of giving to your Library in the next installment. We suggest you contact your estate planning attorney or tax advisor to see how this may benefit you. Mr. Dawson is a member of the Friends of the La Jolla Library Board and can be reached at dougdawson@lajollalibrary.org or (858) 212-3311.