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Longtime Supporter Extends His Giving

Henry V. Heuser, Jr.Henry V. Heuser, Jr. is a veteran supporter of the Louisville Free Public Library and has ensured his support will continue long-term by including the library in his estate planning.

And why is that so important to him? Henry, a businessman who comes from a family of inventors and entrepreneurs, views library financial support as an investment.

Henry believes the library is a shining star and marvelous community resource because private donations dramatically enhance services. Even though it is a public agency and gets a slice of city government funds, it must have private support in order to meet community needs.

After a dozen years on the Library Foundation board and decades as a donor, he can quickly tick off a long list of library projects sustained by private contributions:

  • The children's Summer Reading program
  • Public-access computers
  • CDs, DVDs and specialized databases
  • Thousands of new books
  • Renovation of the Main Library
  • Improvements to the historic Shawnee branch
  • Construction of a new Fairdale branch building
  • The upcoming regional library in Southwest Louisville
  • A wide range of programs that engage adults
  • Scholarships for library staff

For potential donors who wonder about the changing role of libraries, Henry says, "Go into any branch. See all the programs going on and see people lined up to use the library computers, people who can't afford to have a computer or Internet service at home."

Henry is frank about the value of having acted now to ensure that his estate will continue to support the library when he no longer can.

"Cave Hill Cemetery is filled with unfinished business," he says. He hopes that other people will be equally motivated to ensure that their commitment to the library "will be forever-and-ever taken care of."

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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.

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