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A Lifelong Love of Libraries

Jo Lynn Baker and husband Eric Shrader

Jo Lynn Baker and husband Eric Shrader

As a child, Jo Lynn Baker would pick out her library books while her mom shopped for groceries at the A&P across the street in Owensboro.

Her childhood experiences made her a lifelong library patron—Jo Lynn makes full use of her Louisville Free Public Library card. She uses the LFPL’s book request system, downloads audio books for traveling and enjoys the Craig Buthod Author Series.

“The library is the linchpin of an engaged, thriving community,” she says. A speech-language pathologist in private practice, Jo Lynn knew by the time she finished graduate school that the library would always be part of her life. So, she put it in her will.

More than half of Americans admit to not having estate plans in place—leading to confusion and conflict during an already stressful time for the family.

Jo Lynn says it’s impossible to know what might happen, and with no heirs, she wanted to ensure that her estate was handled the way she desired. She met with her professional advisors and ensured that the Louisville Free Public Library Foundation was a beneficiary.

“There was never any question that I would support the library through my estate,” Jo Lynn says. And she chose to make her gift with no restrictions, allowing LFPL to use the money for its most pressing needs.

As part of the Library Foundation’s Legacy Society, Jo Lynn ensures that the Foundation will be able to support LFPL in the future. Her gift will have a lasting impact on the Louisville Free Public Library and will allow the library to have the impact on future generations that it had on her.

You can follow in Jo Lynn’s footsteps and help ensure a secure future for the Louisville Free Public Library. Contact Chandra Gordon at 502-574-1679 or chandra.gordon@lfpl.org to learn about your options.

eBrochure Request Form

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A charitable bequest is one or two sentences in your will or living trust that leave to Library Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

Share the sample bequest language for the Library Foundation with your estate planning attorney:

"I, [name], of [city, state ZIP], give, devise and bequeath to the Library Foundation [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the Library Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the Library Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the Library Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the Library Foundation where you agree to make a gift to the Library Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

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