Gifts of Plans and Policies
Gifting Your Retirement Plan
Using assets from qualified retirement plans like a Roth IRA or a 401K is a smart way to support your philanthropic priorities. Retirement plan assets that are left directly to heirs are subject to a high estate tax, so choosing to leave these funds to the Free Library of Philadelphia Foundation ensures that your hard-earned dollars continue to work for something you love—the Library—for years to come. You can leave a percentage of your retirement assets or a specific dollar amount. Just notify your plan's administrator of your intention and complete a "change of beneficiary" form.
We are happy to work with you and your advisor to make certain that your gift is used in accordance with your wishes. Individuals who use their retirement assets to make planned gifts become members of The Benoliel Society.
The Free Library of Philadelphia Foundation also welcomes gifts of property or real estate to strengthen its public spaces.
Gifting a Life Insurance Policy
You may also designate the Free Library of Philadelphia Foundation as owner and/or the beneficiary of a life insurance policy—either a new policy or an existing one that you and your family no longer need. Simply contact your insurance agent and ask for the appropriate forms.
For more information, please contact The Free Library of Philadelphia Foundation at 215-567-7710 or giving@freelibrary.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 in his lifetime, most of which he checked out from the Free Library of Philadelphia.
When Raymond passed away at age 92 in 1995, the Free Library learned that he had bequeathed his entire life savings—$1.5 million—to the Library. At the time, this was the biggest private donation in the Library’s history, and it increased the Library’s endowment at the time by a third, from $4.5 million to $6 million. This increased endowment allowed the Free Library to deeply invest in its crucial resources and programs, enriching the lives of more Philadelphians of all ages than ever before.
While Raymond’s gift certainly had an enormous impact on the Free Library system, bequests of any size transform lives and make a lasting difference for the hundreds of thousands of Philadelphians who use and depend on the Free Library every day.