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Leave a Legacy: Introducing the 1922 Society

The 1922 Legacy Society recognizes and honors the generosity of individuals who have named York Public Library as a beneficiary in their estate plans.

Estate gifts are a crucial source of continuing support for the Library, and a powerful way to impact both the Library and the York community beyond your lifetime.  

The 1922 Society, named for the year of the YPLA’s incorporation, is a legacy circle recognizing the individuals who have included York Public Library in their estate plans. By working with your attorney or financial advisor you can maximize the tax benefits of your donation and provide for community members and library users for years to come. Each legacy gift, large or small, helps strengthen our York community in permanent ways. 

Gifts to the Library are not subject to estate tax. Please consult with your attorney or financial advisor to make sure that the gift you choose makes sense as part of your overall estate plan. 

There is no minimum gift to become a member of the 1922 Society. Simply inform the Library that you have named the Library in your estate plans. If you wish, you may complete a letter of intent. All inquiries are received in confidence, and there is never an obligation to complete any gift. 

York Public Library is a 501(c)(3) Charitable Organization, EIN: 01-0360256.

The information provided on this page is not offered as, or intended to be, legal advice. We encourage you to consult with your legal counsel or financial/tax advisor before deciding whether or not to proceed with a gift or change to your estate plan. 

“By including the library in your estate plans, you will not only create a legacy of learning and community enrichment, but you will also help the library grow in ways that meet the evolving needs of York residents and visitors. Your generosity today will plant the seeds of knowledge and opportunity for tomorrow. Together, we can preserve and enhance this institution for future readers, learners, and dreamers.”

Michelle Sampson

Executive Director

Bequests

Making a gift in your will or living trust, known as a bequest, can guarantee that your legacy endures. Your gift may be a specific dollar amount, a percentage of your estate, or the remainder after all other provisions are specified. 

SAMPLE BEQUEST LANGUAGE:

“I (we) hereby give to the York Public Library Association, Inc., a 501c3 nonprofit organization (Tax ID 01-0361256) in York, Maine   [CHOOSE ONE]

  • the sum of $_____________  or
  • ______% of my estate  or 
  • all my rest, residue and remainder of my estate

         to be used for the unrestricted benefit of York Public Library.”

When you document your bequest, you help us fulfill our mission while inspiring others to follow your lead. Inform us of your Planned Gift

Life Insurance Beneficiary

If a life insurance policy is no longer required for family needs, naming the Library as a beneficiary or transferring the title to York Public Library may reduce your taxable estate. 

Transferring the title of a policy to the Library creates a charitable tax deduction for you on your federal and estate income tax returns in the year you transfer title to the policy. The amount of the deduction is roughly the cash value of the policy. Any premiums you pay on the policy after transferring title 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 to a charity like York Public Library removes that policy from your estate and reduces your federal estate tax; transfers to non-charities are subject to estate taxes.

Always consult with your insurance agent or advisor for assistance in making a gift of an insurance policy.

Retirement Fund Beneficiary

You can name the Library as a beneficiary of your retirement plan by updating your beneficiary designation. Beneficiary designation gifts are easy to set up; simply ask your retirement plan administrator for a beneficiary designation form to name or change the recipient(s) of your plan’s assets. If your circumstances change, you can alter the amount or percentage left to the Library by completing a new form at any time.

In naming the Library as a beneficiary, you can avoid both income and estate taxes levied on your retirement account by leaving the assets to a charity such as York Public Library – all while continuing to make withdrawals from your retirement plan during your lifetime.

Retirement plans, in particular, are ideal to transfer to a charity because of the tax burden they may carry if paid to non-charitable beneficiaries, including your children, who may do better to receive other non-taxable assets.