Planned Giving

What is Planned Giving?

Planned giving is any deferred gift intended to benefit the future of Cleveland Public Library. There are a variety of financial arrangements that will allow you to make a planned gift to Cleveland Public Library Foundation. Your charitable bequest or other planned gift will not only ensure the library and its programs thrive, it will allow you to create a deeply meaningful legacy to be shared by the people of Cleveland for generations to come.

Bequests and Beneficiary Designation

The most popular planned gift is also the simplest. Make a meaningful bequest donation after your lifetime that costs nothing today when you name the Cleveland Public Library Foundation as a beneficiary in your will or living trust. You may also designate the Cleveland Public Library Foundation as the beneficiary of your savings, checking or stock account.

Life Insurance

Name the Cleveland Public LIbrary Foundation as the owner and irrevocable beneficiary of a life insurance policy or transfer ownership of an existing policy you no longer need. The annual cost to fund the policy can be modest and tax deductible.

Cash or Securities

A gift of cash or marketable securities can create a named endowment fund through the Cleveland Public Library Foundation. The income can be used for general purposes, to sustain your annual gift, or can be restricted to a particular program or need. A gift of appreciated stock can provide you with a charitable income tax deduction for the full fair market value of the securities and help you avoid capital gains taxes on appreciated stock.

Retirement Assets

If your financial security is already assured throughout your retirement, consider naming the Cleveland Public Library Foundation as a beneficiary of your retirement plan.

If you are 70.5 or older, giving from your IRA helps reduce your taxable income — and for those over 73 who must take a Required Minimum Distribution (RMD) an IRA gift is a simple way to fulfill it!

Charitable Gift Annuity

This contract between you and the Cleveland Public Library Foundation pays a fixed dollar amount during your lifetime, as well as the lifetime of a second person if you choose. The amount is based on your age(s) at the time of your gift. The older you are at the start, the higher the payment. The gift may be eligible for an immediate partial income tax deduction. The rate of return is higher than a traditional savings account.

Charitable Remainder Trust

If you have grown significant assets that could generate reliable payments for you and/or a loved one, a charitable remainder trust can provide significant tax benefits. Transfer cash or assets to a trust that provides lifetime payments or for a term of up to 20 years. The remainder of the principal is retained as a contribution to the Cleveland Public LibraryFoundation afterward.

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