Your support of Skidompha Library enriches our community every day
A planned gift means that your passion and support for Skidompha Library will be continued in perpetuity. Your gift will sustain the library, enabling us to benefit thousands of people and ensure that we’ll be able to serve our community for many years to come. Thank you for making a positive difference in the lives of so many.
Gifts by Will
A will is a very personal expression of your ongoing priorities, designating your beneficiaries to incorporate your decisions. A bequest made to Skidompha in your will is exempt from the federal estate tax and the Maine estate tax. Below are some examples that such a bequest can take, any of which can be adapted by you and your lawyer to best reflect your beliefs and intentions.
This kind of bequest is for a specifically designated sum (or percentage of an estate or property) to be used for the general purposes of the library.
If all other beneficiaries in your will have been represented to your satisfaction, a residuary bequest designates that the remainder of the estate be left for Skidompha, to be used for general purposes or specifically for a particular area of operations, such as endowment or staff education.
A contingent bequest names Skidompha to receive part or all of your estate in the event that designated beneficiaries predecease you. This can be adapted to reflect any component of your will.
Gifts by Life Insurance
If you have a life insurance policy which you no longer require for family needs, such as education, such a policy creates a charitable tax deduction for you on your federal and estate income tax returns in the year you transfer the title to the policy to Skidompha. The amount of the deduction is roughly the cash value of the policy. Any premiums you pay on the policy after transferring title to the library qualify as a charitable deduction on your federal and state income tax returns for the year in which the premium is paid. The gift of a life insurance policy removes that policy from your estate and reduces your federal estate tax. You can consult with your insurance agent or advisor for assistance in making a gift of an insurance policy.
Gifts by Trust
Gifts to Skidompha may be included in either a lifetime or testamentary trust, and the language included in either would follow the language suggested for inclusion in your will. Trusts can be either revocable, or accessible to you during your lifetime, or irrevocable, where the assets of the trust will not be accessible to you but any income earned from the trust will be tax-exempt. Two types of irrevocable trusts may be of interest if you are considering a gift to Skidompha.
Charitable Remainder Trust
A charitable remainder trust allows you to receive an income stream for a designated period of time, with any remainder going to a specified charity.
Charitable Lead Trust
This type of trust allows certain benefits to go to a charity which you have specified, and the remainder will go to your beneficiaries.
Please consult with your attorney, financial advisor, or insurance agent for specific details on how to leave an estate gift to Skidompha Library. We encourage you to reach out to Skidompha with any questions.