Planned Giving Frequently Asked Questions
The greatest joy of making a planned gift is knowing that you will transform the lives of so many, from the youngest children to the oldest seniors, by your kind generosity. Below are some questions frequently asked by those who make planned gifts to the Duluth Library Foundation.
What are the size and scope of planned gifts to the Duluth Library Foundation?
Planned gifts, large and small, will help our library thrive. You can leave a gift for the Duluth Library Foundation through your will or living trust, or you can designate a portion of your retirement account or life insurance policy to the Foundation to support your library.
Why make my gift through the Duluth Library Foundation?
The Duluth Library Foundation is a 501(c)(3) nonprofit organization that has the capacity to receive planned gifts on behalf of the library. Naming the Duluth Library Foundation as a beneficiary will allow you to benefit the library, and, in many instances, receive tax benefits.
What language do I use to name the Duluth Library Foundation as a beneficiary?
Below is sample wording that might be used to designate a fixed sum or percentage of your assets to the Duluth Library Foundation. A financial planner or estate attorney can explain more about your options.
“I give to the Duluth Library Foundation, a nonprofit corporation located at 520 W. Superior Street, Duluth, MN 55802 (Federal Tax I.D. #41-1696460), the amount of $_______ or ______% of the residue of my estate for purposes deemed appropriate by the Board of Trustees.”
How will my gift be used?
The Foundation and library work together, in a strong partnership, to determine where private funds will have the greatest impact on children and adults. Generally speaking, bequests are added to the endowment and support the library in perpetuity. Other planned gifts to the Duluth Library Foundation have helped fund programming, books, special collections, technology resources, and the re-design of library spaces that might otherwise not have been possible. We would like to honor your intention, and we welcome a conversation.
May I designate a specific use?
As the world changes, libraries continue to evolve to meet the community’s emerging needs for information, books, and materials—in whatever formats are in use. An unrestricted planned gift gives librarians the flexibility to meet our community’s future needs and challenges. A gift to the Duluth Library Foundation can be made in honor of someone special you would like to recognize. Please ask us for details.
What happens if I don't have a will?
Without a will, your assets will be distributed according to state law. Through estate planning, you will have the benefit of determining how and where your estate will go.
Who makes decisions about my gift in the future?
The Duluth Library Foundation works closely with the library to determine how gifts will be used. The Foundation has a fiduciary responsibility to be a careful steward of the donations entrusted to us and to ensure that gifts are used for the purposes intended. We take this responsibility seriously. The Foundation is governed by a board of trustees, including a finance committee that includes financial professionals. The Foundation works with the library to evaluate funding priorities each year and make sound decisions about where supporters’ gifts will have the greatest impact.
May I remain anonymous?
Yes! Gifts to the Duluth Library Foundation can remain anonymous to the public. Let us know your wishes, and we will do our utmost to reflect your gift in the way you intend it.
May I speak with someone in person?
We would be happy to answer your questions and discuss your ideas and options. Our Executive Director, Erin Kreeger, can be reached at 218.730.4262 or erin@duluthlibraryfoundation.org.
