Make a Lasting Gift to the Library You Love
The Willett Free Library is the smallest independent library in the smallest state. Most of our operating budget comes from the generosity of patrons like you.
Please consider including the library in your estate plan. This Planned Giving guide will provide you with general information on the most simple and popular ways to make a legacy gift.
How to Will it to Willett
BEQUEST Naming the Willett Free Library in your will or trust is the simplest and most common way to make a planned gift, and helps to reduce your estate’s federal tax liability. A bequest can be added to an existing will via an amendment by your attorney.
APPRECIATED SECURITIES, STOCKS, MUTUAL FUNDS Support the library and avoid capital gains tax on appreciated long-term securities. We will provide you with transfer information that you can pass along to your broker.
RETIREMENT PLAN Name the Willett Free Library as a beneficiary of an IRA, 40l(k), or other qualified retirement plan, reducing the tax burden for your heirs.
LIFE INSURANCE Transfer ownership of a paid-up life insurance policy to the Willett Free Library and receive a charitable tax deduction, or name the library as owner and beneficiary of a new policy.
CHARITABLE GIFT ANNUITY You or a beneficiary will receive fixed payments for life, and the Willett Free Library receives the remaining funds when the annuity matures. You can qualify for a variety of tax benefits depending on how you fund your gift.
CHARITABLE REMAINDER TRUST You or your beneficiaries receive an annual income (a percentage of the value of the trust) for your lifetime or a term of years, and the Willett Free Library receives the remaining funds when the trust terminates. You receive a current income tax deduction for a portion of your contribution.
CHARITABLE LEAD TRUST This option provides the Willett Free Library with an annual payment for a specific term of years. Your heirs receive the remaining funds when the trust terminates and benefit from reduced estate taxes.
NEXT STEPS
- Contact the library at [email protected] or 401-294-2081 and request an appointment with an officer of the Board of Trustees.
- Seek the advice of your financial or legal advisor
- If you include the Willett Free Library in your plans, please use our legal name and federal tax ID:
Legal name: Willett Free Library
Address: 45 Ferry Road, Saunderstown, RI 02874
Federal tax ID number: 05-0265616
The Willett Free Library is designated as a 501(c)(3) organization. Your gift qualifies for a tax deduction in accordance with IRS regulations.
This guide is intended to provide general information. For assistance with your particular situation, please consult an attorney, tax advisor, financial advisor, or other professional.