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1855 Library Society
In 1875, the son of prominent Medford resident Thatcher Magoun opted to give the town Magoun’s land, including his mansion, mandating that the space be used for a library or it would revert to Magoun’s heirs.
Medford first resolved to provide a free public library in 1855.
The 1855 Library Society
was established by the Board of Directors of the Medford Public Library Foundation to recognize a group of individuals who have included the Charlotte & William Bloomberg Medford Public Library in their wills or other estate planning.
Members of the 1855 Library Society have demonstrated their commitment to literacy and learning by ensuring the financial health of the library for future generations. 1855 Library Society members are recognized on a permanent plaque in the library and on the library foundation website.
The 1855 Library Society is a part of the Medford Public Library Foundation, a 501 (c)(3) organization tax exempt #83-1522957. Gifts made to the MPLF through bequests or other planned giving vehicles are tax deductible to the full extent of the law.
The Board of Directors of the MPL may determine not to accept a gift to the 1855 Library Society if it has restrictive language that is not viewed to be beneficial to the library. The 1855 Library Society will promote its preference for unrestricted gifts that serve the general mission of the library. Restricted gifts, i.e. for the children's collections or the makerspace, may be made but require the approval of the CWBMPL Trustees and the MPLF Board of Directors.
BEQUEST LANGUAGE
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to the Medford Public Library Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to the Medford Public Library Foundation, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Medford Public Library Foundation, a nonprofit organization located at 111 High Street, Medford, MA 02155, Federal Tax ID #83-1522957, for Medford Public Library Foundation's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Medford Public Library Foundation, a nonprofit organization located at 111 High Street, Medford, MA 02155, Federal Tax ID #83-1522957, for Medford Public Library Foundation's general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Medford Public Library Foundation, a nonprofit organization located at 111 High Street, Medford, MA 02155, Federal Tax ID #83-1522957, for Medford Public Library Foundation's general use and purpose.
2. Percentage Bequest
If you are considering making a bequest of a percentage of your estate to the Medford Public Library Foundation, we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to the Medford Public Library Foundation, a nonprofit organization located at 111 High Street, Medford, MA 02155, Federal Tax ID #83-1522957, for the Medford Public Library Foundation's general use and purpose.
3. Residual Bequest
I hereby give, devise and bequeath to the Medford Public Library Foundation, a nonprofit organization located at 111 High Street, Medford, MA 02155, Federal Tax ID #83-1522957, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Medford Public Library Foundation's general use and purpose.
4. Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to the Medford Public Library Foundation, a nonprofit organization located at 111 High Street, Medford, MA 02155, Federal Tax ID #83-1522957, DESCRIPTION OF PROPERTY to be used for Medford Public Library Foundation's general use and purpose.