Olive Free Library
Support the Library
Leave your legacy and help ensure the Olive Free Library remains a vital civic asset for future generations with a gift from your estate or designated account. Any planned gifts can be unrestricted supporting the Library’s general operating expenses or can be restricted for programs or expenses you choose.
Ways that you can support the Library with a planned gift:
A. Make a gift from your Will or Trust: Name the Library in your Will or Living Trust
Different Ways to Give:
-Specific Bequest: A specific bequest is a gift of a particular dollar amount or property.
For example: I bequeath (dollar amount or description of personal property) to The Olive Free Library Association.
-Residuary Bequest: The most common and simple to designate, a residuary bequest is a gift of all or part of the property remaining in your estate after debts, expenses and specific bequests have been paid. You control what percentage of your estate is given to an individual or charity. This method automatically adjusts the size of your bequest according to the value of your estate. In the event of unexpected changes in the size of your estate value, you can have peace of mind that your intentions will be fulfilled without the estate running out of assets to distribute.
For example: I bequeath (___%) of the rest, residue and remainder of my property, both real and personal, to The Olive Free Library Association.
-Contingent Bequest: A contingent bequest is a gift which takes effect only if the primary beneficiary or beneficiaries of the bequest should predecease you.
For example: If neither my spouse nor any descendant of mine survives me, then I give, bequeath and devise all the rest, residue and remainder of (property or account) to The Olive Free Library Association.
Information for the Attorney drafting your Bequest:
The full legal name of the Library is: The Olive Free Library Association.
The Library’s legal address is PO Box 59, West Shokan, NY 12494
The Library’s Federal Tax Identification Number (TIN) is 23-7209065.
Gifts to the Olive Free Library Association are not subject to estate tax. Consult with your attorney or other advisers to make sure that the gift you choose makes sense as part of your overall estate plan.
B. Designate the Library a TOD beneficiary of an account or policy: Make a Gift by Beneficiary Designation
Making a gift to the Library by beneficiary designation from any or all of the following types of TOD (“Transfer on Death”) accounts is a simple and tax-efficient way to fund your legacy and avoid the time and expenses that result from having the assets subject to the probate process.
TOD Gifts may take the following forms:
-Retirement Plans: 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. Naming the Olive Free Library Association as a beneficiary in your retirement account would avoid those taxes on the amount designated, and reduce the size of your total taxable estate.
-Life Insurance: If you own a life insurance policy that is no longer needed for the protection of your family or for other purposes, you may use it to make a gift to the Olive Free Library Association. One way to give a life insurance policy to the Library is to name the Library as the owner and irrevocable beneficiary of the policy. In doing so, you qualify for an income tax deduction for the cash value of the policy. Alternatively, you could name the Library as the beneficiary of the policy. In this case, your estate would be entitled to an estate tax deduction equal to the value of the policy. By naming the Olive Free Library Association as the beneficiary on your life insurance policy, the proceeds can be paid directly to the Library without having to go through the probate process.
-Financial Accounts: Many people’s primary assets are held in savings, checking, and brokerage accounts. Designation of these assets incurs no cost to you and allows whatever balance (or portion thereof) remaining to pass to the Olive Free Library Association at your death.
Completing the Designation:
Naming the Olive Free Library Association as beneficiary of any of the above mentioned gift types is easy: Contact a representative of the institution that manages your account or policy, and request a “change of beneficiary form.”
C. Charitable Donations in Trust:
-A gift to our Endowment, the Olive Free Library Trust. You can make a long-lasting impact of your gift by designating that it be held as a permanent investment in our endowment fund. Your gift will be invested, and the investment earnings provide income that will be available to the Library for years to come. This sustainable support provides a lasting resource for the Olive Free Library to maintain a strong financial base for the future.
-A Charitable Lead Trust allows you to transfer assets to your family at a reduced tax cost while providing income to the Olive Free Library Association now on an annual basis during your lifetime. 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 the annual income payments to the Library. At termination, the trust distributes all of its assets, including any appreciation, to your named beneficiaries. The income received by the Olive Free Library Association can be unrestricted supporting the Library’s operating expenses or can be restricted to a specific program or aspect of the Library.
For more information, or to request an informational brochure on planned giving opportunities with the Olive Free Library Association, contact: Chrissy Lawlor, Director at (845) 657-2482 or send email to email@example.com.