HOW TO CREATE YOUR LIBRARY LEGACY
The New Rochelle Public Library Foundation hopes you will consider including a gift to the Library in your will or estate plan. This page provides information about the easiest ways to accomplish that purpose, through a bequest or by naming the Foundation as a beneficiary of your retirement plan.
The Legacy Giving program offers an exciting opportunity to establish your enduring personal legacy of reading, life-long learning, and imagination for future generations of children, adults, and families in our New Rochelle community.
By including the Foundation in your estate plan, you can make sure the Library provides outstanding service in the decades ahead.
CAN YOU IMAGINE NEW ROCHELLE WITHOUT AN OUTSTANDING PUBLIC LIBRARY? OF COURSE NOT!
Our Public Library is our city’s “village green” – a gathering place where everyone, of every age and background, is welcome and encouraged to read, learn, and grow.
We hope you agree and that you share our passion, and that of so many other individuals in the community, for keeping the Library strong.
Individual gifts are essential to maintaining the Library’s strength.
BEQUESTS – PUT THE FOUNDATION IN YOUR WILL
There are three basic kinds of bequests: specific, residuary, and contingent.
- Specific bequest – a gift of a particular dollar amount
- Residuary bequest – a gift of part or all of what remains in your estate after debts, expenses, and specific bequests have been paid, stated as a percentage of the residuary estate
- Contingent bequest – a gift which takes effect only if the beneficiaries named in your will die before you do
The residuary bequest is the most common and simplest. You control what percentage of your estate is given to whom, and the size of a bequest is automatically adjusted. In the event of unexpected changes in the size of your estate, you would have the peace of mind that your intentions would be carried out without the estate running out of assets to distribute as you have directed.
To make a charitable bequest to support the New Rochelle Public Library, simply include a statement in your will or revocable trust agreement such as:
I hereby bequeath to the New Rochelle Public Library Foundation, a 501(c)(3) charitable entity located at One Library Plaza, New Rochelle, NY 10801(Federal Tax ID# 13-3712927) the sum of $$$ (or, as an alternative, __% of my residuary estate).
Please note that gifts to the New Rochelle Public Library Foundation are not subject to estate tax.
RETIREMENT ASSETS – IRA AND PENSION FUNDS
A bequest of retirement plan assets might be the most tax effective gift you can make. Many people do not know that when retirement plans are left to an individual other than a spouse, they can be subject to income and estate taxes. Sometimes, the combination of income and estates taxes can significantly reduce the amount left for distribution to beneficiaries. A gift to the New Rochelle Public Library Foundation would not be subject to either tax.
Adding the New Rochelle Public Library Foundation as a beneficiary of your IRA or pension fund does not require revising or amending your will. You should contact the administrator of your plan to find out how to make this change.
NEED MORE INFORMATION OR HELP? PLEASE COMPLETE THE FORM AND SOMEONE FROM THE FOUNDATION WILL CONTACT YOU.
Members of the Foundation’s board and advisors (who are unpaid volunteers) would be happy to have an informal, exploratory conversation with you about the giving opportunities and options that might work best for your goals and circumstances.
The Foundation does not provide legal or financial planning advice. The Foundation strongly encourages you to consult with your attorney or financial advisors to make sure that the gift you choose will make sense as part of your overall estate plan.
FREQUENTLY ASKED QUESTIONS ABOUT LEGACY GIVING
If I name the Foundation in my will or IRA, do I have to give money now?
NO. You are simply putting in writing, and letting the Foundation know, that you want to continue to support our Public Library after your death. You are expressing your intentions and wishes, making a moral commitment, not a financial one.
Can I change my mind?
YES, although we hope that you won’t! Because you are simply expressing your intention to support the Library this way, you can always change your will or retirement beneficiary designation if your circumstances change.
Can I specify what my legacy gift will support?
YES. We strongly encourage donors to give general support, without restrictions, because it is difficult to project what the Library’s future needs would be. However, Legacy Gifts for broad categories, such as children’s library services or technology improvements, could be very helpful. We hope that a Legacy Donor would contact us to discuss how to frame a gift focused on supporting a specific area or need, to honor your intent while serving the Library to the fullest extent.