The Foundation of the Lorain Public Library System, Inc.

• Include the Foundation of the Lorain Public Library System in your will. When you remember the Foundation in your will or estate plan, you are providing access to the library’s mission to your community.
  
  Please share this sample bequest language with your estate planning attorney: “I give, devise and bequeth to the Foundation of the Lorain Public Library System, Inc., Tax ID # 33-1036935, a non-profit corpoation currently located at P.O. BOx 39194, North Ridgeville, OH, 44039, or its successor therto, [enter dollar amount or % of estate] for its unrestriced charitale use and purpose.”

• You may provide a gift of retirement assets to the Foundation. The benefits of this type of gift is that you will avoid potential estate tax on retirement assets, your heirs would avoid income tax on any retirement assests funded on a pre-tax basis and your estate may receive potential estate tax savings from an estate tax deduction.
  
  To leave your retirement assets to the Foundation, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate the Foundation as beneficiary, we will benefit from the full value of your gift becasue retirement asset will not be taxed at your death. Your estate will benefit from an estate tax charitable deducation for the gift.

• Gifts via donor-advised funds. The Foundation qualifies for gifts from most donor-advised funds (DAF).
  
  You can initaite your gift directly through your donor-advised fund adminsitrator. Checks from DAF administrators should be made out to The Foundation of the Lorain Public Library System, Inc. and mailed to:
  
  P.O. Box 39194
  North Ridgeville, OH 44039
  
  In order for your gift to be appropriately acknowledged, please ensure your DAF adminsitrator provides the donor name and instructions on where the funds should be used (if any).

• IRA Distribution gifts. After age 70.5, the Internal Revenue Service (IRS) allows taxpayers to make qualified charitable distributions, up to $100,000 per year, from their Individual Retirement Accounts (IRA) to non-profits as a way to impact worthy causes while avoiding income taxes on withdrawals from tax-sheltered IRAs.
  
  Benefits of qualified charitable distributions includes avoiding taxes on transfers from your IRA to our organization; may satisy your required minimum distribution for the year; may reduce your taxable income, even if you do not itemize deductions; allows you to make a gift that is not subject to the deduction limits on charitable gifts; and will help further the mission and services of the Lorain Public Library Sytem.
  
  The Foundation of the Lorain Public Library System qualifies as a recipient of qualified charitable distrubitons and required minimum distributions from your IRA.
  
  To initiate an IRA charitable rollover gift please contact your IRA plan adminsitrator with instructions to make a gift from your IRA to us. Note that IRA charitable rollover gifts do not qualify for a charitable deduction.

For further information, or to discuss your legacy gift, please email Foundation@lpls.info with “Planned Giving” as the subject line.