PLANNED GIVING
Throughout its history, the Charleston Library Society has been blessed with members who have donated time and resources to ensuring our organization’s success. Your charitable gifts, like those of our forebears, are crucial to strengthening the Charleston Library Society and providing it with a sound foundation for the future. In addition, your gifts speak volumes about how much you value the important role that the Charleston Library Society serves in your intellectual life.

Gifts of Cash
Gifts of cash are fully deductible up to 50% of your gross income in the year of the gift. For example, if your adjusted gross income for this year is $50,000, up to $25,000 of charitable gifts may be deducted this year. Any excess can generally be carried forward and deducted over as many as five subsequent years.

Gifts of Stock
A gift of appreciated stock generally offers two benefits: you receive an income tax deduction for the full fair market value of the stock, and you avoid paying capital gains tax.

Real Estate Gifts
Tax benefits for gifts of appreciated real estate are virtually identical to those for gifts of appreciated securities. Real property such as personal residences, undeveloped land, or farms may be transferred by deed with no liability for income or estate taxes on the appreciations.

Life Insurance
A tax deductible gift of whole or universal life insurance can be made by naming the Charleston Library Society as owner and beneficiary. You could purchase a new policy or donate a policy that you currently own but no longer need. Check with you insurance agent for details.

Charitable Gift Annuities
You can guarantee a fixed income for your life and/or that of your spouse  by simply transferring cash or appreciated securities to the Charleston Library Society in exchange for a charitable gift annuity. The attractiveness of the gift annuity is in its two basic benefits: 1) an immediate and substantial income tax charitable deduction; and 2) favorably taxed annuity benefits.

Charitable Remainder Trusts
You can fund a charitable remainder trust with cash for appreciated property and receive income from the assets for your lifetime, qualify for a charitable deduction, and save capital gains and estates taxes. After your life/or that of a loved one ends, the trust assets would be distributed outright to the Charleston Library Society.

Charitable Lead Trusts
Under this arrangement, you transfer assets to a trust which makes payments to the Charleston Library Society for a specified number of years, after which time the assets are transferred to your heirs. The charitable lead trust allows you to pass assets on to your  children and grandchildren with little or no estate and gift taxes. This option makes good sense for anyone in the top estate and gift tax brackets.

Bequests
You can name the Charleston Library Society in your will in a number of ways. You could specify an outright gift, either a designated dollar amount or percentage of your estate. You also could name the Charleston Library Society as a remainder beneficiary to receive funds only after special sums have been paid to individual beneficiaries. In addition, you can easily add us to your will through an amendment to your will called a codicil.

For More Information
Check with your attorney, accountant, or other tax advisor for additional information on how these general rules apply to your situation. Each person’s financial situation is unique, and we will be glad to work with you to help you find the most suitable arrangements to make the best choices for you and your family.