Planned Giving
Planned gifts are Redwood’s financial bedrock, the foundation that ensures continuation of its mission and vision and investment in its future.
There are many ways for you to support the Redwood.
Newport native and renowned artist Charles Bird King (1785-1862) holds a special place in the Redwood’s long list of dedicated supporters. Over the years, King contributed generously, giving money and books as well as scores of paintings. Upon his death in 1862, he gave the Redwood his own personal library, volumes of bound engravings, a significant sum of money and 75 additional paintings. The Redwood is deeply indebted to Charles Bird King and to all those who have helped it thrive for more than two and a half centuries by contributing to the endowment. It is fitting that the Library commends those who have made, or intend to make such gifts, by including them in the Charles Bird King Society.
There are many ways for you to consider supporting the Redwood in your estate planning. Planned gifts are Redwood’s financial bedrock, the foundation that ensures continuation of its mission and vision and investment in its future.
For more information on becoming a member of the Charles Bird King Society, please contact the Donor Relations Manager, at 401-847-0292, ext. 115 or donorrelations@redwoodlibrary.org.
Bequests
A bequest is a gift made through a will or trust, to take effect upon a donor’s death, and is a practical way to make a meaningful financial contribution to Redwood without affecting the donor’s current financial position. A bequest may be for a specific amount, for a percentage of the donor’s estate, or for part or all of what remains of the estate after other bequests are carried out. Whether unrestricted or designated, bequests can help to reduce the donor’s taxable estate. Please remember to contact your legal advisor to prepare your will or trust.
Charitable Remainder Trusts
There are several types of charitable remainder trusts, but all share three features: each trust has its own separately invested portfolio tailored to specific investment and tax planning objectives. The donor specifies the payout rate, which is typically the amount of life income payments, which are currently 5% to 6% annually. The income may be either for the life or lives of one or more income beneficiaries, or for a specified number of years (not to exceed 20) . Beneficiaries may be the donor or a spouse, relative, or friend. Depending upon the type of charitable remainder trust, the payout amount may be set at the onset (a charitable remainder annuity trust) or may vary with the annual payment (charitable remainder unitrust). At the beneficiary’s death or at the end of the trust term, the principal is distributed to Redwood Library. All charitable remainder trusts should always be done in consultation with the donor’s financial and legal advisors.
Charitable Lead Trusts
A charitable lead trust is the mirror image of a charitable remainder trust. To establish a lead trust, the donor places certain assets in an irrevocable trust for a set number of years, during which time the trust makes annual payments to Redwood. When the trust terminates, the assets go to beneficiaries named by the donor — typically children or grandchildren. Since the trust is considered to be outside the donor’s estate, any growth in the value of the assets during the trust’s term may pass to the beneficiaries tax-free. The donor also receives a gift tax deduction the year the trust is established based on the present value of the totals received by Redwood Library during the term of the trust. All charitable lead trusts should always be done in consultation with the donor’s financial and legal advisors.
Retirement Plans
A retirement plan such as a 401(k), 403 (b), IRA, Keough, or other type of retirement account may provide a donor with the ability to make a future gift to Redwood Library, while ensuring significant tax benefits for heirs. Consult your financial and legal advisor about how this option might benefit both you and the Redwood.
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