Legacy Giving

William Waller Hening Society

Planned gifts provide meaningful charitable support to the Library of Virginia Foundation and may offer donors valuable tax benefits, potential lifetime income and the ability to transfer assets at a reduced tax cost. Our planned giving program promotes a variety of methods by which individuals may contribute to the Library of Virginia Foundation. We encourage individuals to make gifts that support the Library beyond their lifetimes.

Next Steps

• Download Hening Society Brochure
• For more information on how to arrange for a planned gift, please contact the Library of Virginia Foundation at 804.692.3592, or elaine.mcfadden@lva.virginia.gov.
• Seek the advice of your financial or legal advisor.
• To include the Library of Virginia Foundation in your plans, please use our legal name and federal tax ID. Please let us know of your gift (many retirement providers assume no responsibility for letting nonprofits know of your intentions, so your goals won’t be honored).

Legal Name: Library of Virginia Foundation
Legal Address: 800 E. Broad Street, Richmond, VA 23219
Federal Tax ID Number: 54-1298764

Legacy Giving Options

Gift in Your Will or Living Trust

A simple, flexible and versatile way to ensure we can continue our work for years to come is a gift in your will or living trust, known as a charitable bequest.

With as little as one sentence in your bequest language, you can complete your gift. This type of donation to the Library of Virginia Foundation in your will or living trust helps ensure that we continue to engage Virginia’s past to empower its future.

Sample Language for Your Will
I give [ ____ percent of the residue of my estate] or [the sum of __________ dollars] to the Library of Virginia Foundation in Richmond, Virginia, for its general purposes or for the benefit of [name of Library program or focus area such as Conservation and Acquisition, Education Programs, Virginia Authors and Literature, etc… ].

Tax ID: # 54-1298764

Beneficiary Designations

Name the Library of Virginia Foundation as a beneficiary to receive assets such as retirement plans and life insurance policies after you’re gone. You can name us beneficiary of the following assets:

• Retirement Plan Assets
• Life Insurance
• Commercial Annuities
• Bank Accounts, Certificates of Deposit, or Brokerage Accounts

It only takes three simple steps to make this type of gift. Here’s how to name the Library of Virginia Foundation as a beneficiary:

  1. Go online or contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
  2. Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form.
  3. Return the completed form to your plan administrator, insurance company, bank or financial institution.

Charitable Gift Annuities

There’s a way for you to support the Library of Virginia Foundation and feel confident that you have dependable income in your retirement years. You can do this with a charitable gift annuity (CGA).

A CGA can provide you with regular payments and allow us to further the Library’s work. You can also qualify for a variety of tax benefits depending on how you fund your gift.

If you fund your gift annuity with cash or appreciated property, you qualify for a federal income tax deduction if you itemize. In addition, you can minimize capital gains taxes when you fund your gift with appreciated property.

You can now fund your gift using your IRA assets. If you are 70½ or older, you can make a one-time election of up to $50,000 to fund a gift annuity. While your gift does not qualify for an income tax deduction, it does escape income tax liability on the transfer and count toward all or part of your required minimum distributions.

Charitable Remainder Trust

If you have built a sizable estate and also are looking for ways to receive reliable payments, consider a charitable remainder trust. At the end of the trust term, the balance in the trust goes to the Library of Virginia Foundation.
These types of gifts may offer you tax benefits and the option for income. There are two ways to receive payments and each has its own benefits.

The annuity trust pays you, each year, the same dollar amount you choose at the start. Your payments stay the same, regardless of fluctuations in trust investments.

The unitrust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. The amount of your payments is redetermined annually. If the value of the trust increases, so do your payments. If the value decreases, however, so will your payments.

Make a Tax-Free Gift with Your IRA

If you are 70½ years old or older, you can take advantage of a simple way to benefit the Library of Virginia and receive tax benefits in return. You can give any amount up to $100,000 per year from your IRA directly to a qualified charity such as ours without having to pay income taxes on the money. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.

Why Consider This Gift?
• Your gift will be put to use today, allowing you to see the difference your donation is making.
• You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
• Beginning in the year you turn 73, you can use your gift to satisfy all or part of your required minimum distribution.
• Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.

Sample IRA Distribution Letter
Please visit Fidelity.com and Schwab.com for corresponding distribution forms.

Endowment Giving—Give a Gift That Lasts Forever

An endowment gift creates a permanent legacy for you, allows you to honor a family member or loved one, and provides a steady stream of funds to sustain the Library of Virginia well into the future.

Your endowment donation will be invested wisely. That way, the endowment grows, even as annual payouts of about 5% will help the Library of Virginia continue to engage Virginia’s past to empower its future.

Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.

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