Wichita Public Library Legacy Society
The Wichita Public Library Foundation is proud to announce the establishment of the Wichita Public Library Legacy Society. The Wichita Public Library Legacy Society exists for the purpose of recognizing patrons and donors who have included a gift to the Wichita Public Library Foundation in their estate plans through a designations in their will, trust, life insurance policy or retirement plan.
Bequest in a will
Designate the Wichita Public Library Foundation as a designee in your will or trust. This either be a specific amount of a percentage of your estate. Below is sample language that can be used.
Outright bequest in a will
“I bequeath the sum of $XXXX to the Wichita Public Library Foundation, Wichita, KS, to be used or disposed of as its board of directors in its sole discretion deems appropriate.”
Specific property
“I bequeath (DESCRIPTION OF PROPERTY) to the Wichita Public Library Foundation, Wichita, KS to be used or disposed of as its board of directors in its sole discretion deems appropriate.”
Share of, or entire residue of, estate
“I devise and bequeath (all/or percentage) of the remainder of my property to the Wichita Pubic Library Foundation, Wichita, KS, to be used or disposed of as its board of directors in its sole discretion deems appropriate.”
Restricted bequest in a will
“I bequeath the sum of $XXXX to the Wichita Public Library Foundation, Wichita, KS, for the following use and purpose: (DESCRIPTION OF PURPOSE). If in the judgment of the board of directors of the Wichita Public Library Foundation it becomes impossible to accomplish the purposes of this gift, the income or principal may be used for such related purposes and in such a manner as determined by its board of directors.”
Life Insurance
A simple call to your insurance agent or go online to obtain the proper beneficiary designation form to designate the Wichita Public Library Foundation as a beneficiary of all or a portion of your life insurance policy.
Retirement Plans
If you are 72, a mandatory distribution must be taken from your retirement plan (401K as an example). It may be beneficial to use your mandatory distribution as the method to make a charitable in a given year. Visit with the custodian of your retirement plan to inquire into an IRA Rollover Gift.