LEAVE A LEGACY
LEAVE A LEGACY is a "public awareness campaign designed to inspire people from all walks of life and all income levels to think beyond their lifespan when doing good works." Its mission is to encourage individuals to create a will or estate plan and to use these tools as a means of bequesting gifts to favorite charities, organizations, or other causes. The East Lyme Library Foundation participates in and is an adjunct member of LEAVE A LEGACY. More information about this endeavor can be found at its web site -- http://www.leavealegacy.org.
Methods and Degrees of Creative Gift Giving
The East Lyme Library Foundation's primary focus is that of creating and maintaining a substantial endowment that will serve to sustain the library's existence far into the future. One way this goal can be achieved is through the Foundation's active solicitation of charitable gifts and bequests from friends of the Library. Not only do contributors benefit from the satisfaction of giving, but donations are frequently tax-advantaged. There are many ways to donate. Some yield immediate income tax deductions. Others may help avoid long-term capital gains tax and reduce estate and gift taxes. Annuities create an income stream throughout one's lifetime.
While an explanation and description of the multiple avenues of giving is beyond the scope of this web site, four examples will be briefly reviewed. We urge readers who are interested in supporting the library through this type of giving to request a brochure from ELLF explaining available options in more detail. One may also wish to seek out professional counsel from attorneys specializing in gift and estate planning. The Foundation can work with your adviser to formulate a plan that helps you today and the East Lyme Library tomorrow.
Common Examples of Giving
- Outright gift of cash This type of giving is simple and easy and can be accomplished without legal counsel. It generates an immediate income tax deduction and possible future estate tax savings for the donor. Any amount is accepted by ELLF, but the Foundation is designed for more sizeable donations which are invested for the future.
- Outright gift of appreciated securities In this case, long-term appreciated stocks or other securities can be donated. An immediate charitable deduction can be taken based on the current value of the security and capital gains taxes are avoided for the donor.
- Bequest Here, a gift is deferred until after one's lifetime. The East Lyme Library Foundation is named in your will designating a specific amount or a percentage or share of the residue. The donation is exempt from federal estate tax.
- The charitable gift annuity This is a popular and enduring life-income plan. A donor transfers money or securities to the East Lyme Library Foundation. In exchange, he or she receives a guaranteed income for life from the invested funds, the amount determined by the size of the donation and the age of the donor. Tax advantages are multiple including a charitable deduction for the gift portion of the annuity, a portion of the annual income deemed tax-free by the Internal Revenue Service and avoidance of part of the capital gains if the annuity is funded with appreciated property.
Other types of creative gift giving include the following:
- Revocable living trust
- Outright gift of personal property
- Outright gift of any security
- Gift of life insurance
- Gift of retirement assets
- Gift of real estate
- Retained life estate
- Charitable remainder unitrust
- Charitable remainder annuity trust
- Charitable lead trust
Any gift can be designated as "restricted" by the benefactor with the donation directed towards a specific purpose, i.e. the purchase of books in a certain literary area. Or the gift can be "unrestricted" allowing the Foundation to direct the monies to needs that are considered pressing. If you wish more information on the many types of giving available, please supply the needed information on the Contact Us page of the web site, and we will get in touch with you.
Individuals donating large gifts are recognized through the East Lyme Library Foundation Honor Roll and on a plaque displayed in the Library. These donors will concurrently be enrolled in the Annie Bond Society. Present Honor Roll members are as follows:
| Maria Bond Dart
Bjorn and Gunvor Lund
Arthur B. Robertshaw
| Robert Dennison
| Avery Smith
John and Elizabeth Gadbois
Dr. Charles Stephens
Andrea J. Chapman