Planned gifts are crucial to the long-term financial health of the Library. As part of an Enhanced Services Initiative funded by the Ewing Marion Kauffman Foundation, the Library has developed a planned giving program which focuses on benefiting donors while strengthening the existing Library endowment.

Nine Ways to Reduce Taxes and Make a Gift

1. Gift of Cash: If you itemize on your tax return, cash gifts can be deducted, up to 50% of adjusted gross income. On a $100,000 cash gift in a 35% bracket, you may save $35,000 in taxes. The Kansas City Public Library invites cash pledges payable over a period of years.
   
   
2. Appreciated Stock: Appreciated stock (held more than one year) makes an excellent campaign gift. You avoid all capital gain taxes (generally 20% of the appreciation) and will receive a charitable tax deduction for the stock's market value at the time of transfer.
   
   
3. Bequest Through Will or Trust: One of the most simple and popular ways to make a gift that will live after you is to give through your will or trust. You can make a bequest to sustain The Kansas City Public Library by providing a dollar amount, specific property, a percentage of your estate, or what is left (remainder) to The Kansas City Public Library. Such a designation can reduce your estate taxes (for estates over $1million). In many cases a simple codicil to the will can add The Kansas City Public Library and does not require rewriting your most recent will.
   
   
4. Charitable Remainder Trusts (Annuity and Unitrusts): Donors and spouses can benefit from life-long payments from such a trust. The donor selects the rate of return from these income arrangements and also chooses a fixed or fluctuating annual payment to be made to the designated parties as long as they live. Estate and capital gain taxes may be completely bypassed and you will receive a current income tax deduction based on the age of the income recipient and the rate of return chosen.
   
   
5. Retirement Accounts and Pension Plans: Account funds (IRA's or company plans) beyond the comfortable support of yourself or loved ones may be given to The Kansas City Public Library by proper beneficiary designation. Large pension plan assets can be subject to double or triple taxation (federal income, state income tax and federal estate taxes, if applicable) that may substantially eliminate the benefit to heirs if tax-wise alternative planning is not arranged.
   
   
6. CD's, Savings Accounts, Brokerage Accounts, Checking Accounts with P.O.D. Provisions: P.O.D. stands for Payable on Death. You retain full ownership and full control during your life. At your death, the account balance is paid to your named beneficiary, The Kansas City Public Library, immediately and without probate.
   
   
7. Gift Annuity: In exchange for a gift of cash, stock or securities, The Kansas City Public Library will pay you, you and your survivor, or another person you name a guaranteed income for life. In addition, you receive a substantial income tax deduction in the year of the gift and part of the annual payment is non-taxable. Upon your death or the second to die, if so selected, the gift remainder supports The Kansas City Public Library. Call us for information on what the payout rate is for your age.
   
   
8. Gift of Life Insurance: Insurance is another simple way to make a substantial future gift at a level that would not be possible at the same level in cash. Name The Kansas City Public Library as the owner and beneficiary to receive the proceeds of an existing life insurance policy. You will receive a tax deduction for approximately the cash surrender value, thereby reducing your tax liability in the year of the gift. An alternative is to simply add The Kansas City Public Library as a revocable beneficiary. You retain the right to change this designation but you receive no income tax deduction.
   
   
9. Gift of Real Estate: For some individuals a gift of land, a house, or vacation home is a preferred way to make a gift. You will receive a tax deduction for the full market value, avoid all capital gain taxes and remove this asset from future estate taxes. One option is to give real estate retaining a life tenancy. This provides a substantial income tax deduction by giving (deeding) your property to The Kansas City Public Library now. You continue to live there, maintain the property as usual, and even receive any income it generates. At your death, the property will be sold and the proceeds used to support The Kansas City Public Library.

Legal Designation for Planned Gifts

The Kansas City Public Library of Kansas City, Missouri is a 501(c)3 not-for-profit organization under the laws of Missouri with its principal office at 14 West 10th Street, Kansas City, MO 64105.

For more information about making a planned gift to the Library or free financial planning seminars, please contact Suzanne Monahan, Planned Giving Coordinator, at (816) 701-3400 or suzannemonahan@kclibrary.org