Remember the Library with a Charitable Remainder Trust (CRT)
Clearly, additional sources of revenue are urgently needed for the library-both operational and capital-now more than ever. One engaging possibility is an estate-planning tool called a Charitable Remainder Trust (CRT). This program is available for the library.
A CRT is an irrevocable trust that provides benefits to you and a gift to your favorite charity organization that depends, at least in part, on public support, such as the Suttons Bay-Bingham District Library.
A CRT results in a deferred gift. As a donor you enjoy the benefits from the trust for your lifetime. At the end of the trust, the remaining assets are given to the designated beneficiary selected at the time the trust is
established.
There are many ways to set up a CRT. In general, they all provide lifetime payments at attractive rates, income tax savings, tax free payments, capital gains tax reduction, and, perhaps most important, the personal satisfaction you receive from making a significant gift to the library. Additional information is available at the library. Your estate planner or a lawyer can help you decide whether a CRT is right for you.
The Board of Trustees annually reviews where the library is, and what it hopes to accomplish. Two failed millage proposals have forced plans for improvement to collections and services to be placed on hold. The Board is currently expending only those resources that may be counted upon. The Board, staff and volunteers will continue to work hard to earn your trust and support. The library's future has been delayed, not diminished. The goal is to make the library not physically bigger, but significantly better.
-John Krug, Board of Trustees, President.
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