Contributions to the Cherokee County Public, Gilmer County Public Library or Pickens County Public Library will go to support vital programs and services for these communities. Your gift will offer you an opportunity to strengthen the Library and possibly save taxes.
A well-planned gift can help to achieve your financial and charitable objectives and realize your personal goals. Choosing the right plan for giving depends on your individual circumstances.
Every gift is valued. Please take a few minutes to consider these giving opportunities.
Cash gifts can provide the Libraries with funds for current projects and/or future plans for the library. They usually offer the greatest immediate tax savings. Gifts can be made as a memorial or tribute to an individual to honor a birthday, anniversary, or other special event. Acknowledgement is sent to the recipient or family on your behalf.
Securities can be one of the most advantageous ways to make a gift. The value of the donation for tax purposes is the average market value on the date of the transfer to the Library. Appreciated securities qualify for income tax deductions and capital gains savings.
3. Gifts Made Through Your Will
A bequest through your will naming the Library of your choice as a recipient of a portion of your estate may produce sizeable savings to your heirs in income and estate taxes. You may designate a specific amount, such as $10,000, to name an area in the Library, or a percentage of your adjusted gross estate.
Other options are to establish a trust with income retained for a beneficiary you name or to give a gift of income to the Library with assets passing to your heirs in a specified time.
A life insurance policy which has the Library as owner and beneficiary can be used as a vehicle to make a significant gift at a relatively low cost to the donor. For a policy that is paid up, your charitable contribution is the cash value of the policy.
Premiums paid to the Library on a gifted policy also qualify for deductions.
5. Real Estate and Personal Property
Tangible personal property such as art, books or equipment related to the Library's exempt purposes are fully tax deductible at fair market value.
Real estate can provide for an immediate gift, fund a trust, or arrange for a lifetime occupancy after making a gift.
6. Life Income Gift With An Income Retained
A life income gift allows a portion of the income from the investment to be paid back to you and your spouse or other beneficiaries regularly for a term of years or for the rest of your lives.
After term or lifetime commitments to beneficiaries are satisfied, the principal becomes available for a program you may designate. Within certain limitations, you may decide what your annual payment will be, based on your need and the size of the asset you donate.
The immediate income tax deduction is based on the size of the annual payment and the number and ages of beneficiaries.
7. Gift With an Income to the Public Libraries
Gifts generating an income to the Library can provide significant income and estate tax benefits. Assets are placed in trust for a period of years, with a specified amount of income being paid to the Library each year to enrich the Library programs.
Income earned through the trust and paid to the Library is excluded from taxable income and produces a charitable deduction. Growth of the gift will pass to your heirs with favorable tax benefits.
Your Next Step...
At your request, the Sequoyah Regional Library staff is available to meet with you, your family and/or your financial and legal advisors to discuss gift options and the Library's gift acceptance policies.