Donations & Giving

Gifts Through an Outright Bequest in Your Will

Your will is a way to be sure all of your property will go to family, relatives, friends and organizations you care about most. Without a will, the state will decide who gets what, without consulting anyone or considering the special needs and financial circumstances of your particular situation. Also, your will lets you choose an executor who is capable of settling your estate.

Are there tax advantages to having a will?

Yes. Even though the unlimited marital deduction eliminates estate taxes when your estate passes to a surviving spouse, that’s not the solution for other survivors. You can take full advantage of estate tax savings by creating trusts through your will.

How can I set up a will that benefits the most people?

We recommend that you obtain the professional counsel of a lawyer who specializes in probate and estate planning. If you are considering a gift to the Wauwatosa Public Library Foundation, we will be glad to help you and your attorney.

How to remember the Wauwatosa Public Library Foundation in your will

Over the years, bequests have come from community members who want to strengthen and enhance the Wauwatosa Public Library Foundation. A bequest may be made by preparing a new will or by adding a codicil (legal document that amends your will) to your present will.

While you should consult with your legal adviser to make such changes, we have provided the following language as a guide.

Unrestricted Bequest:

I give to the Wauwatosa Public Library Foundation, a not-for-profit corporation located in Wauwatosa, Wisconsin, (the sum of ______ dollars) or (a specific asset) or (________% of the remainder of my estate) to be used for its general purposes.

Bequest for a Specific Purpose:

I give to the Wauwatosa Public Library Foundation, a not-for-profit corporation location in Wauwatosa, Wisconsin, (the sum of ______ dollars) or (a specific asset) or (________% of the remainder of my estate) to be used for _________________ (examples: The Children’s Library, technology upgrades, programming for the community.

In order to make a bequest, you should speak with your attorney to make certain that your exact intentions are specified and contact us at tosalibraryfoundation@gmail.com to discuss feasibility and document the intended purpose for your gift. We are available to you and your advisors to answer questions and create a gift that reflects your values.

We recommend talking to financial and tax advisors for any questions you may have about personal tax and financial implications of certain giving vehicles.

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