5. Legacy Giving

Donor Recognition: The Library will recognize donors who name the Library as beneficiaries in their will or estate plan on a wall within the Library. Also, the names of previous and new donors who give $10,000 or more to the Library’s endowment will be similarly recognized.

What can be given: 

-Outright Gifts: Cash gifts are the most simple and common form of giving and your gift goes to work immediately by helping to fund our day-to-day operations. For those who itemize deductions, donations made to the library are tax-deductible.

-Property: Donations of appreciated assets, such as market securities, can be an effective way to reduce taxes., since any appreciation in the gifted property’s value will not be subject to capital gains taxes. Gifts of other property are welcome with advance Library approval. Learn more about DONATING SECURITIES here.

-Legacy Gifts from Your Will or Trust: Bequests can ensure that your wishes to support the Library are honored after your death, and have the potential to reduce estate taxes. Make a bequest by naming the Library in your will or trust for either a specific amount or as a percentage of your estate. You can also accomplish this by making the Library a beneficiary on an annuity, life insurance policy, or a retirement account. You can see a sample instructions for making a BEQUEST here.

-IRA Required Minimum Distributions: If you are 70-1/2 or older and have a traditional IRA, you can exclude all or part of your Required Minimum Distributions from your taxable income. Even if you don’t itemize deductions, you can make a Qualified Charitable Distribution through our broker/custodian to the Library. Email us at CHML.Support@HobbsLibrary.org for more information regarding donating IRA Distributions.

-Donor Advised Fund: You can obtain an immediate tax benefit by establishing a donor advised fund through your broker or community fund and making specific grants to the library or other eligible charities over time. Contact your broker or the Maine Community Foundation for more information on Donor Advised Funds.