Estate Giving
In 2024, the Newport Beach community will celebrate the 30th anniversary of the dynamic Central Library. In 1989, under the remarkable leadership of Elizabeth and John Stahr, a movement began to raise awareness of the need for a state-of-the-art Central Library. The Central Library opened in July 1994, and in 1995, the Library Foundation initiated an endowment campaign to assure the long-term support of the Newport Beach Library system. This year, the Foundation is establishing The Elizabeth and John Stahr Legacy Society to celebrate the 30th anniversary of the Central Library. The Stahr Legacy Society honors those who have left an Estate Gift to the Foundation and those who have stated the intent to provide one in the future. Estate gift donors become recognized members of the exclusive Library Leadership Circle. The names of members of the Stahr Legacy Society will be listed in the Annual Report in the Fall Bookmark magazine.
ENDOWMENT FUND – LEAVE A LEGACY
A source of ongoing support, the Endowment Fund is held in perpetuity and managed by Tarbox Family Office of Newport Beach, CA. The experienced management group is dedicated to helping the Foundation meet its investment objectives. The Library Foundation’s Finance Committee meets with Tarbox Family Office quarterly to review the performance of each asset class. Each year, the Library Foundation withdraws a portion of the total interest earned on the Endowment Fund – approximately five percent of the fair market value. That sum is given to the Library for its greatest needs and programs. Growing the Endowment Fund is a key objective of the Library Foundation to ensure long term protection for the Library system.
PLANNED GIVING/WILLS AND LIVING TRUSTS
One of the easiest ways you can contribute a planned gift to the library is by leaving a portion of your estate to the Foundation or by naming it in your will or trust. You can substantially reduce the amount of your estate tax by specifying a percentage of your estate, designating the Library Foundation as a beneficiary on your life insurance policy, donating a block of stock, or simply contributing a fixed sum of money. The Library Foundation will also benefit from being named a beneficiary in a Charitable Gift Annuity or Charitable Remainder Trust.
INFORMATION FOR ADVISORS
It is always appropriate to consult with your professional advisors when considering an estate gift. This information can help your advisor facilitate any gift you might wish to make.
LEGACY SOCIETY
Fill out the secure online form below or click here to download PDF version.
“I believe in the power of books and libraries to change lives, especially the lives of children. I took my own children to the public library each and every week all year long. Reading is the most important thing that children must learn. That is why my late husband John and I have supported, for so many years, the Newport Beach Public Library Foundation. And that is why I believe that people should support the Foundation not just while they are alive, but after they are gone, through their wills or other forms of planned giving.”
Elizabeth Stahr
As part of the Library Foundation’s commitment to financial literacy, we are offering the FreeWill service to the community. FreeWill is an online tool to simplify the estate planning process. You can create a legally valid will online at no cost, providing peace of mind and security for what you hold dear. We hope that you will include the Library Foundation in your legacy planning, but our goal is for you to create your estate plan whether you include the Library Foundation or not.
If you have already included the Library Foundation in your legacy planning, please let us know so that we can include you in The Elizabeth and John Stahr Legacy Society. You can use the secure form on this page, download the form, or use the link below to let us know.
The third link provides recommendations for beneficiaries of non-probate assets like IRAs and 401(k)s, and life insurance policies.
If you have questions, please reach out to Jerold Kappel, CEO at 949-717-3890 or [email protected].