Planned Giving Strategies

We have been unbelievably fortunate to have the North Tillamook Library as a cornerstone of the Nehalem Bay community since 1987. Our Library, however, relies on more than good fortune. Without the support — financial and otherwise — of North Tillamook Library Friends, there would never be a local library branch here. Every penny contributed to Library Friends is used to enable our Library to continue being the great community resource it has been.

North Tillamook Library Friends is a 501(c)(3) organization that owns and maintains the Library building and grounds. All gifts to North Tillamook Library Friends are tax-deductible to the full extent of the laws governing charitable contributions. Writing a check to North Tillamook Library Friends is a great way to support our special Library. Some supporters also may be able to take advantage of the tax laws to make more satisfying gifts that generate substantial tax savings. Below are a few suggestions to consider.

Lifetime Gifts

IRA Gifts

For people older than 70-1/2, making a charitable gift directly from an Individual Retirement Account (“IRA”) can significantly reduce the donor’s tax bill and also satisfy required minimum distributions. Making IRA gifts is easy; your IRA administrator will make the gift happen in accordance with your direction. Learn more about making an IRA Gift →

Gifts of Stock and Other Securities

If you own stocks, mutual fund shares, or other securities, gifting some of the shares to Library Friends might make you happier than selling the shares. How can that be? You would avoid all capital gains tax and you could claim an income tax charitable deduction for the current value of the shares if you’ve owned the shares for more than a year. Your broker or mutual fund administrator can make this happen - with no commissions or fees - with just a phone call from you. Learn more about gifting shares →

Legacy (Estate) Gifts

Many Library supporters don’t feel capable of making substantial charitable gifts during their lifetimes. Everyone, however, has the ability to make gifts to their favorite charities after their passing. All it takes is thoughtfulness while you are alive. Please see [Go To NTLF Knipe Gift] to read about a recent estate gift from a true Library Friend.

Estate gifts are within everyone’s reach because they have no financial impact while you are alive, and you can change your mind at any time during your life. Estate gifts can take many forms. The simplest way to make an estate gift (no lawyers needed!) is to name North Tillamook Library Board a beneficiary of your IRA or other retirement plan or your life insurance policy. You also can name North Tillamook Library Board a beneficiary of your will or living trust. However you choose to do it, knowing that you have provided a future gift for our Library will bring immense satisfaction during your life.

If you would like more information about any subjects discussed above, please contact Steve Brier, J.D., Vice President of North Tillamook Library Friends, at 503.349.5500 or ssbrier@gmail.com. All inquiries are strictly confidential.

*The information above is general in nature and is not tax advice or legal advice. Please contact your attorney or financial advisor for advice specific to your circumstances.

IRA Rollover Strategy

The tax legislation enacted by Congress in December 2017 made it more difficult for many people to benefit from income tax charitable deductions claimed for gifts to charitable organizations. However, if you are older than 70-1/2 and have an Individual Retirement Account (“IRA”), you can save a lot of money by using your IRA to do your charitable giving.

For people older than 70-1/2, a direct transfer of funds from an IRA to North Tillamook Library Friends and other public charities eliminates taxable income and satisfies your required minimum distribution. This “IRA rollover” strategy almost always is better than a tax deduction and it benefits people who claim the standard deduction as well as people who claim itemized deductions. An IRA rollover always has been a good strategy for people forced to take required minimum distributions. Today, this strategy should be at the top of everyone’s list if you want to make charitable gifts.

Everyone older than 70-1/2 can contribute up to $100,000 (aggregate) to charities from their IRAs in any calendar year. To do this, you simply instruct your IRA custodian to send checks directly to your charities of choice.

Gift of Stock

If you invest in the stock market, you have benefitted greatly from the run up in stock prices since the Great Recession. Will the market continue to go up or are we headed for a crash? Don’t expect a prediction from us!

Instead of a market prediction, we offer a smart strategy to reduce your exposure to the stock market and cut your tax bill significantly in the process. And you will make a real impact on the North Tillamook Library and the communities served by the Library. Our suggested strategy is simple — ask your broker to transfer some of your shares of appreciated stock (or mutual fund shares) to the firm that manages Library Friends’ reserve fund. By doing that, you will receive an income tax charitable deduction for the full value of the stock today, and you will completely avoid capital gains tax that you would have to pay if you were to sell the stock. You also will avoid brokerage commissions. Depending on your tax situation, transferring your stock to the Library might reduce your tax bill by 50% (or more) of the value of the stock you transfer.

After receiving your stock, the Library can sell your stock without paying any tax. For example, if you contribute $1,000 worth of stock, Library Friends will have $1,000 to use to improve the Library, while you will receive a $1,000 tax deduction and avoid paying capital gains tax on the stock’s appreciation. This really is a win-win for you and for the Library. It’s easy for you to make this type of gift happen. All you do is sign a short form that your broker (or mutual fund company) will give you.