Legacy and Planned Giving

 


Literary Legends Society

The Literary Legends Society recognizes the generosity of individuals who, during their lifetimes, include the KCLS Foundation in their estate plans or make another type of planned gift.

Member benefits include:

– Invitations to exclusive gatherings

– Recognition in the KCLS Foundation’s annual report (unless anonymity is requested)

If you have set up a planned giving arrangement for the KCLS Foundation, we hope you will complete our confidential form so we can thank you and recognize you as a Literary Legends member.

Questions about joining the Literary Legends Society?

Contact Cindy Sharek
cjsharek@kcls.org
425.369.3225

 

Include the KCLS Foundation in your estate plan.

Make a charitable bequest- a gift through a provision in your will or in a trust with provisions that can be altered or canceled.

Why make a bequest?

– Simplicity
Easy to arrange and often involves just a sentence or two.

– Flexibility
Can be altered as your financial picture changes, so long as applicable legal requirements are met.

– Tax savings
Completely deductible, even if your estate is subject to federal or state estate taxes.

Which assets can I give?

– A fixed sum of money

– One or more particular assets, such as shares of stock

– Some or all of what remains of your estate after making other bequests and paying debts and expenses

– A gift that is made only under certain circumstances (a “contingent” gift)

How do I make my gift?

– Review and share sample bequest language with your lawyer.

 

Make a beneficiary designation gift

Designate the KCLS Foundation to receive some or all of the value remaining at the end of your life in connection with a financial account, investment, or similar arrangement.

Why make a beneficiary designation gift?

Superior simplicity and flexibility
Even easier to set up – and revise, if necessary – than a charitable bequest.

Avoid Probate
Transfers assets to your beneficiaries quickly and efficiently in the weeks after your passing, saving time and money ordinarily spent in probate.

Tax savings
Offers the same federal and state estate tax benefits as a bequest, and in some cases can generate income tax savings for your heirs if your estate plan provides both for loved ones and for a charitable organization.

Which assets can I give?

– A bank account or certificate of deposit

– A brokerage account

– An IRA or a qualified retirement plan, such as a 401(k) account

– A life insurance policy

– A commercial annuity contract

How do I make my gift?

– Obtain a beneficiary designation form (often online) from your financial institution.

– Complete the form, using the legal name “King County Library System Foundation” and, if requested, the Foundation’s Employer Identification Number, 91- 1505230.

– Return the completed form to your financial institution

See sample Beneficiary Designation

 

Make a gift that pays you back

Secure financial benefits for yourself and others through your gift to the KCLS Foundation.

Why make a dual purpose charitable gift?

Convenience
Accomplishes multiple objective in a single transaction.

Tax deductibility
Typically earns an income tax deduction for part of the gifted asset value, plus potential estate tax and gift tax savings when compared with noncharitable alternatives.

Increased cash flow
Often resulting from a charitable remainder trust or gift annuity.

Capital gains tax avoidance/deferral
In most cases, using long-term appreciated assets to make a gift produces less taxable capital gain than if the assets were sold.

How do I make a dual purpose gift?

– Set up a charitable remainder trust. Make annual payments to one or more persons for a period of time before distributing its assets to one or more charitable organizations.

– Start a charitable lead trust. After making annual payments first to the KCLS Foundation for a number of years, the remainder goes back to you or passes to another person designated by you, such as a child or grandchild.

– Create a retained life estate arrangement. Give your residence, vacation home, or farm to the Foundation while retaining the right to use the property.

– Offer a bargain sale to the Foundation. Sell an asset to the Foundation for less than what the asset is worth.

– Make a creative current, outright gift. Contribute assets such as appreciated securities, real estate, life insurance policies, and interests in closely-held businesses.