Legacy and Planned Giving

Make Supporting the Libraries a Part of Your Legacy

The future of your community is related to the future of your community libraries.

Legacy Giving Options

Gifts From Your Will or Trust

How it works:

  • Include a bequest to Cedar Mill Community Library Association of Washington County (find language below.)
  • Make your bequest unrestricted or direct it to a specific program or department.
  • Indicate a specific amount or a percentage of the balance remaining in your estate or trust.

Benefits:

  • Your assets remain in your control during your lifetime.
  • You can modify your gift to address changing circumstances.
  • You can direct your gift to a particular purpose (be sure to check with us to make sure your gift can be used as intended).

Please let us know if you have already included the libraries in your estate plan or if you are considering doing so. We would love to hear from you.

Sample gift language for your will or revocable living trust

A well planned gift communicates your legacy; it tells a story of what you hold as most important and valuable in your life and community. Leaving a gift to the CMCLA through your will or trust is an easy and impactful way to benefit your community libraries.

The sample language provided below illustrates how a bequest can be accomplished, and is intended to be used for educational purposes rather than as legal advice. We encourage donors to share this information with their legal counsel.

For general or undesignated support of CMCLA:

I give ____% of my estate,
OR
The sum of $_____,
OR
the real property described on the deed as ___________________________,
OR
the personal property described as ___________________________________,
OR
All the rest, residue, and remainder of my estate,
OR
_______% of the rest, residue, and remainder of my estate to Cedar Mill Community Library Association of Washington County, located in unincorporated Washington County, Oregon.”

Please contact cmldevelopment@wccls.org or (503) 644-0043 x121 for beneficiary designation and more details.

Gifts From Your IRA or Retirement Asset

How it works:

Make donations to CMCLA directly from your traditional IRA during your lifetime.

Benefits:

  • Qualified Charitable Distributions may count toward your Required Minimum Distribution, be tax-free and even lower your Adjusted Gross Income.
  • Continue to take regular lifetime withdrawals.
  • Maintain flexibility to change beneficiaries if your family’s needs change during your lifetime.
  • Your heirs avoid the potential double taxation on the assets left in your retirement account.

How to:

  • Name Cedar Mill Community Library Association of Washington County as a beneficiary of your IRA, 401(K), or other qualified retirement plan.
  • Pass the balance of your retirement assets to Cedar Mill Community Library Association of Washington County by contacting your plan administrator.
  • Let us know about your gift. Your plan administrator is not obligated to notify us.

Frequently Asked Questions

Q. How do I arrange a gift from my retirement plan?
A. Contact your IRA or retirement plan administrator and request a copy of the Change Beneficiary Form. You can fill this in as you wish and include CMCLA for a portion or all of the remainder of your plan’s assets.

Q. What are the tax implications of a gift of retirement plan assets?
A. When you designate CMCLA as the beneficiary for all or part of your qualified retirement plan assets, those assets pass to the library association free of tax. However, when these assets are passed to your heirs (other than your surviving spouse), they are subject to federal income tax and may also be subject to federal estate tax (depending upon the value of your estate) as well as various state income, inheritance and estate taxes. Under the SECURE act, most non-spousal beneficiaries will be required to withdraw all “inherited” retirement plan funds within a 10-year period. For many, this will make the tax consequences even greater. Because retirement plan assets are typically the most highly taxed assets when you pass on, they are the ideal choice for charitable gifts, designating other assets to your heirs.

Gift of Stock or Appreciated Securities

How it works:

  • You transfer appreciated stocks, bonds, or mutual fund shares you have owned for more than one year to CMCLA.
  • CMCLA sells your securities and uses the proceeds to provide library services or holds on to the securities to sell later.

Benefits:

  • You receive an immediate income tax deduction for the fair market value of the securities on the date of transfer (even if you originally paid much less for them.)
  • You pay no capital gains tax on the transfer when the stock is sold.
  • Giving appreciated stock can be more beneficial than giving cash. The “cost” of your gift is often less than the deduction you gain by making it.

Please provide this information to your investment advisor when making a written request to transfer securities as a donation to Cedar Mill Community Library Association of Washington County. Please notify CMCLA’s Development Department of gifts so that we may properly credit the donor and acknowledge the gift:

Brokerage Firm: Charles Schwab
DTC number: 0164 code 40
FBO Cedar Mill Community Library Association
Account # 5763-6499

Download this information. Please contact cmldevelopment@wccls.org or (503) 644-0043 x121 for more details.

Gift of Life Insurance

How it works:

  • Contact your insurance company to complete or update your beneficiary designations or POD (Pay on Death) form.
  • Designate CMCLA to receive all or a percentage of your life insurance policy proceeds.
  • You may also transfer ownership of a paid-up life insurance policy to CMCLA.

Benefits:

  • Make a gift that you and your family no longer need.
  • Receive an income tax deduction for the donation of a paid-up life insurance policy and estate tax savings after you pass.

Gifts of a Checking or Savings Account

Listing your loved ones and/or CMCLA on your account POD (Payable on Death) form notifies your bank that CMCLA is to receive any funds remaining in your account upon your passing. The POD keeps your account from becoming part of your estate, which may have to be administered by the probate system in your state.

How it works:

  • Contact your bank to complete or update your POD (Payable on Death) form for you checking and/or savings accounts.
  • Designate CMCLA to receive the remaining account balance after your passing.

Benefits:

  • You maintain control and use of the account balance during your lifetime.
  • Receive a charitable deduction which will reduce any estate or inheritance taxes.
  • CMCLA receives the balance of the accounts to use according to your wishes.

Beneficiary Designation:

When naming CMCLA as a beneficiary of your retirement plan, IRA, life insurance policy, charitable trust or charitable gift annuity, please use the following information on your beneficiary designation form:

Cedar Mill Community Library Association of Washington County
1080 NW Saltzman RD Portland, OR 97229
Federal Tax I.D. Number: 23-7438072

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