How to Give a Gift of Stock or Paid-Up Insurance Policy

You also may wish to consider contributing a paid-up life insurance policy you no longer need to the Wells Public Library Foundation's WPL Growing Again Campaign. With a donation of life insurance, you will receive a charitable tax deduction for the cost basis or surrender value of the policy, whichever is greater. 

Here's how:

1. Contact your insurance agent and ask for two forms:
   A change of ownership form, and a cash surrender form.
2. Complete the forms. Include the Wells Public Library Foundation's tax ID number (45-4551792) and the address (Wells Public Library Foundation, WPL Growing Again Campaign, 1434 Post Road, Wells, Maine 04090) as requested on the forms. Return the forms to your agent and notify Jim Conners, Campaign Data Manager, at (781) 835-8105 or jamesconners16@yahoo.com of your gift intentions.
3. You or your insurance agent should then mail the revised policy to the above address or arrange to hand deliver it to Devin Burritt, Director, at the Wells Public Library. In turn, the policy will be surrendered and the proceeds contributed to the WPL Growing Again Campaign in your name. 
   

Donations from Retirement Accounts:  Congress has now made permanent the opportunity for individuals aged 70 1/2 to make charitable gifts from their IRAs with no tax penalty.  Normally the required distribution for these people is taxable.  Donations must be made to qualifying charities (the Wells Public Library Foundation is) and must be transferred directly by your IRA trustee or custodian.  For more information, contact Devin Burritt, Library Director at (207) 646-8181.