Gift Planning

What is gift planning?

Gift planning, also known as legacy giving, is a strategic way for you to have a lasting impact on an organization close to your heart. If you care deeply about Madison Public Library and want to ensure its future success, incorporating a gift to Madison Public Library Foundation in your estate plan provides an opportunity to contribute in a meaningful way beyond regular or one-time giving.

Gift planning not only helps secure the library’s future but may also provide financial and tax benefits, making it a powerful and rewarding way to give.

Why is gift planning important to Madison Public Library Foundation?

Making a planned gift to Madison Public Library Foundation ensures the foundation’s long-term financial stability by allowing us to continue to support major initiatives and future growth that benefit Madison Public Library for years to come.

What are the most common types of planned gifts?

There are a variety of ways to structure a gift, ranging from simple to more complex:

1. Will or Trust: Designate Madison Public Library Foundation, Inc. as a beneficiary in your will or trust to receive assets following your death. Sample language can be found above.
2. Investment Assets: Donate assets such as appreciated stock or publicly traded securities during your lifetime or at death. 
3. Retirement Account: Name Madison Public Library Foundation, Inc. as the beneficiary of a retirement account, such as an IRA, 401(k), or 403(b), to receive assets following your death. Or, make a qualified charitable distribution from your IRA (also known as a charitable IRA rollover).
4. Life Insurance: Name Madison Public Library Foundation, Inc. as a beneficiary of a life insurance policy to receive all or a portion of the proceeds following your death.
5. Donor Advised Fund: Make a gift from your donor advised fund (DAF) to Madison Public Library Foundation, Inc.

How should my legal documentation direct a planned gift to Madison Public Library Foundation?

If you’re making a bequest in your will, add the following language to demonstrate your intention:

“I leave the sum of _______ dollars, or all or ____ percent of the remainder of my estate, to Madison Public Library Foundation, Inc., in Madison, Wisconsin (tax ID #39-1777242).”

What kinds of benefits does gift planning provide to me?

• Impactful Legacy: The ability to make a lasting contribution to a cause you care about beyond your lifetime. 
• Control Over Distribution: You can specify when your legacy gift will be made (now or at a later date) and how it must be used.
• Potential Tax Advantages: You may be eligible to receive a charitable deduction for income tax purposes and/or estate tax purposes. We encourage you to discuss these possible tax benefits with your advisors.

Must I be retired or nearing retirement age to commit a gift?

There is no age limit for planning a gift.  You’re never too young to start planning for your charitable future, and specific types of gifts may make more financial sense for you based on your age.

Do I need to be wealthy to plan a gift?

It’s a common misconception that planning a gift is only for those who are considerably wealthy. Gifts of every amount help sustain the library’s services and resources.

How will my gift be used?

Unrestricted gifts to the foundation are invested in a permanent endowment at Madison Community Foundation. Each year, distributions from the endowment are used to support library resources, programs, furnishings, and more. Endowments provide reliable, consistent, and flexible funding that is especially important during times of economic volatility.

How do I inform Madison Public Library Foundation of my gift intention?

Please complete our non-binding Gift Intention Form to tell us more about your gift so that we can ensure your wishes are carried out.

Do I need to consult an attorney or financial representative about my gift intention?

Consulting with a legal or tax professional is not required. However, it may be helpful to ensure that your legal and tax objectives are met.

What is Epilogue Circle?

The Epilogue Circle is our community of legacy donors who are recognized and honored for leaving a gift to Madison Public Library Foundation. After submitting your Gift Intention Form, we’ll mail you an Epilogue Circle logo pin signifying your commitment; you can wear it to foundation and library events, and wherever else you wish.

What are the next steps if I want to plan a gift to Madison Public Library Foundation?

Complete our Gift Intention Form and email it to Executive Director Conor Moran at cmoran@mplfoundation.org, or call him at 608.266.6318 to inform him of your gift intention.

“Libraries connect with a lot of my values, and what touches me about the importance of community gathering places. I feel they are a truly vital asset for the residents of the city.”

—  Dick Goldberg,
Epilogue Circle member