A planned gift to a charitable organization like Hartford Public Library allows you to create a legacy for your community while meeting your own financial and personal objectives. Depending on your circumstances, you may be able to:
Planned giving is a way to be a supporter of the Library for years to come. When you honor your community by putting Hartford Public Library in your will or estate plan, there are benefits beyond the simple pleasure of giving.
According to your wishes, your generosity may be celebrated publicly or held in confidence. Legacy givers also have the opportunity to designate how their gifts are used.
Charitable bequests are made through wills or revocable living trusts and are a popular way to support an organization. Bequests are simple to arrange, offer flexibility and can reduce estate taxes. Contact the library development office to learn more about this wonderful opportunity.
The Charitable Remainder Trust provides lifetime income to you and/or loved ones and significant tax advantages. You transfer assets (usually cash, securities or real estate) to a trustee of your choice through a formal trust agreement. If appreciated property is donated, no capital gains tax is due on the transfer, and your income tax deduction is based on the fair market value of the donated assets. Your trustee invests the trust assets and makes annual payments to you and/or a loved one, based on the payout rate chosen by you. At your death or at the termination of the trust, the principal is distributed to the Library. You may choose a fixed rate of income (Annuity Trust) or a variable rate of income (Unitrust).
In contrast, the Charitable Lead Trust allows you to transfer assets to your family at a reduced tax cost while benefiting the Library now. You transfer assets (usually cash or securities) to a trustee of your choice through a formal trust agreement. Your trustee invests the trust assets and makes annual income payments to the Library. At termination, the trust distributes all of its assets, including any appreciation, to your heirs.
The gift that gives back: make a meaningful gift to the Library and receive payments for life.
Do you want to make a meaningful gift to the Library but retain a stream of lifetime payments to supplement your retirement income? Or want to make a gift and provide lifetime payments to a loved one? If so, consider a charitable gift annuity (CGA) with the Library.
A Charitable Gift Annuity is a simple contract between you and the Library. In exchange for your gift of cash or securities (minimum $10,000), the Library agrees to pay you and/or a loved one or a friend a fixed annual sum for their lifetime(s). Annuity payments are guaranteed and rates currently range between 4.0% and 9.0%, depending on your age(s). Annuitants must be 55 years or older to receive payments. In most cases, part of each payment is tax-free, increasing each payment's after-tax value. If securities are used to establish a CGA, some capital gains tax will be avoided. At the time of your gift, you are entitled to a charitable income tax deduction, and at your death, the Library receives the balance of your CGA.There are a number of ways to donate cash, securities or other property and arrange lifetime payments for yourself or loved ones. Benefits include a current income tax deduction as well as other possible tax advantages. The library development office can answer questions you may have about establishing this wonderful gift for your community.
In many cases, donating some or all of the assets from your IRA, 401(k), or other qualified retirement plan is a smart option. Contact the library development office to find out how you can make such a gift during your lifetime or after death to establish a legacy to carry on your commitment to the community.
Assets such as securities, life insurance policies, U.S. savings bonds, annuity contracts, tangible personal property and works of art are all welcome gifts. Contact the library development office to learn how to bestow your gift to the library system.
Many people do not know that when retirement plans such as pension funds, 401ks, 403bs, and IRAs are left to an individual other than a spouse, they can be subject to income taxes and estate taxes. The two taxes combined could erode up to 80% of the remaining benefits!
If given to the Library, these funds would escape all income and estate taxes and reduce the size of your total taxable estate. The Library would receive 100% of the remaining benefit in your retirement plan, whereas your heirs may receive only a portion of the benefit. Naming the Library as beneficiary of your retirement plan or life insurance policy is easy: you need only to contact the administrator of your retirement or insurance plan and inform them that you wish to give all or part of the remainder to Hartford Public Library.
Making a legacy gift requires careful consideration and professional consultation. The Library also suggests that you contact your attorney or financial advisor to evaluate your options.
In up and down economies, and for well over a century, the doors of Hartford Public Library have remained open, providing free access to information to our citizens. The strong base of our endowment fund is what makes that possible by providing funding when needed for essentials. Your gift to the fund is self-perpetuating. That's because, as good fund stewards, we draw only a portion of income each year, leaving the principal to grow in perpetuity.
Making an endowment gift requires careful consideration and professional consultation. The Library suggests that you contact your attorney or financial advisor to evaluate your options.
Please e-mail at development@hplct.org.