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Planned Giving

Life Income Gifts and Other Planned Gift Opportunities

The library's Planned Giving Program is specifically designed to provide area residents with opportunities to arrange future gifts which meet their personal financial needs.

For example, if a donor/spouse desire a lifetime income from an Ephrata Public Library Planned Gift arrangement, this can be accomplished quite easily. Or, if a larger charitable contribution income tax deduction is desired by the donor, this can be achieved. Of course, both of these benefits, as well as reducing or eliminating capital gains taxes, are available to Ephrata Public Library Planned Gift Program donors through several of the library's planned gift arrangements.

Depending on an individual donor's preference, Ephrata Public Library planned gifts may be designated for the Library's Permanent Endowment Fund or to be used "where the need is greatest."

Many Planned Giving Program arrangements are available for area residents who wish to consider a gift of future interest for the library.

The Library Director and the Planned Giving Coordinator are available to meet with interested local residents. The Director or Coordinator can describe the library's need for Planned Gifts, discuss the various gift plans available and provide literature regarding many of the specific Planned Gift arrangements. All prospective donors to the Ephrata Public Library Planned Gift Program will be encouraged to discuss their plans with their family, attorney or financial advisor.

Following are several of the Planned Gift arrangements which are available, along with a brief description of each one.

Wills/Bequests

Naming the Ephrata Public Library as a outright, contingent or residual beneficiary in one's will or a will codicil offers the donor all the rights of enjoyment, use and disposition of the intended gift during his/her lifetime.

Charitable Gift Annuities

Establishing a Charitable Gift Annuity with the library provides the donor with a liftetime income. The donor receives a current year income tax charitable contribution deduction (with a five-year carry-over) and may avoid some capital gains taxes. In addition, a portion of the annuity payments will be tax free. ($5,000 is a typical C.G.A. minimum amount.)

Life Insurance

A gift of an "old" life insurance policy can provide the donor with a current year income tax charitable contribution deduction. A "new" insurance policy gift, with the library as owner and beneficiary, offers the donor an income tax deduction for premium payment amounts which are gifted to the library each year.

Charitable Remainder Trusts

  1. Charitable remainder unitrusts provide donors with a current year charitable contribution deduction, an annual income to the beneficiary (at least 5% of re-evaluated annually), a possible hedge against inflation and the ability to add to the unitrust in future years. ($25,000 is a typical unitrust minimum amount.)
  2. Charitable remainder annuity trusts offer an annual income (at least 5% of the initial value) and a current year charitable contribution deduction. Capital gains taxes are avoided when appreciated property is used to fund an annuity trust. ($25,000 is a typical minimum amount.)

Other Planned Gifts include:

  1. Revocable Charitable Remainder Trusts
  2. Retained Life Estates
  3. Charitable Lead Trusts

This page was last modified on March 18 2011