Bequests are the most popular type of planned gift because they are easy to execute and flexible, and you do not have to part with any assets during your lifetime. Naming the Free Library of Philadelphia Foundation as a beneficiary of your estate means your gift can grow the Foundation’s endowment, benefit a wide variety of programs and services at the Free Library, or be restricted to support your favorite neighborhood library. While the Free Library will benefit from your support for years to come, your heirs may gain estate tax advantages from your bequest. There are two types of bequests that might fit your needs:
- Specific bequests are gifts made in a will of a specified amount of money or a designated asset, such as 100 shares of a specific stock.
- Residuary bequests are gifts of a percentage of the donor’s estate after payment of specific bequests, debts, estate-administration expenses, and taxes.
To find out about what advantages might apply to your specific situation, please speak to your attorney or financial advisor. Below is sample language you can review with your attorney while making your plans:
“I hereby give, devise and bequeath to the Free Library of Philadelphia Foundation, a non-profit corporation d/b/a The Free Library of Philadelphia Foundation, the sum of $_______ (or _______ percent of the rest, residue and remainder of my estate) to be used for general purposes of the Library (or for a particular program of your choosing).”
The Free Library of Philadelphia’s Employment Identification Number (EIN) is: 52-1173474
If you already have a will you do not need to rewrite your will if you wish to include the Free Library in your estate. We will be happy to provide you with brief language to create a codicil to your will that you can review with your attorney. A codicil will amend your will without necessitating a brand new document and allow you to include the Free Library of Philadelphia Foundation in your long term plans.
For more information, please contact The Free Library of Philadelphia Foundation at 215-567-7710 or firstname.lastname@example.org
Sometimes the most generous gifts come from the most unexpected places. Raymond Fay was a high school science teacher in North Philadelphia who made a modest salary—never more than $11,400—and led a very private, quiet life. He was a humble man who lived frugally and didn’t own a car or a telephone, but he read more than 16,000 books... Read More