Planned Giving

Name the Library in Your Will or Living Trust

You can arrange a bequest in your will or living trust and ensure that the Library provides our patrons with free and open access to the educational materials and resources they need to improve their lives for themselves and for their families.

There are different types of bequests:

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 Mamaroneck Public Library District.
Residuary Bequest: 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 Mamaroneck Public Library District.
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 Mamaroneck Public Library District.

Information for the Attorney Drafting Your Bequest

The full legal name of the Library is: The Mamaroneck Public Library District. The Library’s legal address is 136 Prospect Avenue, Mamaroneck, NY 10543; the Library’s Federal Tax Identification Number (TIN) is 13-1860026.

Arrange a Gift that Guarantees Lifetime Payments

You can arrange for what are called “life income” gifts that have the potential to greatly benefit the Library’s mission while also providing you (and optionally a spouse or partner) with a lifetime stream of payments and generous tax benefits.

Life income gifts can take the following forms:

Charitable Gift Annuity (CGA): 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 your lifetime(s). Annuity payments are guaranteed and rates currently range between 3.8% and 8.6%, depending on your age(s). Annuitants must be 65 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.
Charitable Remainder Trust (CRT): A 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 Mamaroneck Public Library District. You may choose a fixed rate of income (Annuity Trust) or a variable rate of income (Unitrust).
Charitable Lead Trust (CLT): A 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.

Information for Drafting Your Annuity or Trust

Make a Gift by Beneficiary Designation

Making a gift to the The Mamaroneck Public Library District 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

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.

If given to The Mamaroneck Public Library District, 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.

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 Library. 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.

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 Library at your death.

Completing the Designation

Naming the Library 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.”