Creative Strategies for

Tax-Wise Giving

What is It? What are the tax benefits? What are some other benefits?
Outright Gifts and Memorials Donation of cash, securities, personal property Income tax deduction for the value of the gift, plus generally no capital gains tax on appreciated property You can tailor your gift to the Library’s immediate needs
Living Trust Gift given after death under a trust you establish during your lifetime Possible savings in estate taxes if the Library is a beneficiary of the trust after death Terms of trust can be changed at any time
Bequest In Will Gift under a will whether outright or as part of a trust arrangement Possible savings in estate taxes for the value of your bequest to the Library Gives you flexibility in providing for family needs first
Life Insurance Gift Gift of an old or new policy or merely naming the Library as beneficiary Immediate income tax deduction for the value of a gifted policy, plus possible estate tax savings Provides a way to make a significant gift with little expenditure
Retirement Plan Gift Gift made by naming the Library as beneficiary after your death Avoids income taxes and may result in estate tax savings Preserves plan’s value and allows you to leave heirs less costly bequests
Real Estate Gift Donation of a residence either in full or with a retained life estate or term of years Immediate income tax deduction for charitable value of gift; possibly no capital gains tax on appreciated property Can allow you to live in your home and still receive charitable deduction
Charitable Remainder Annuity Trust Trust that pays a specified annual amount to you or those you name before Library receives the remainder Income tax savings from deduction; possibly no capital gains tax liability; possible gift or estate tax savings Provides guaranteed annual “income” for donor or other beneficiary
Charitable Remainder Unitrust Trust that pays annual amount which is a specified percentage of value of trust to you or those you name before Library receives remainder Income tax savings from deduction; possibly no capital gains tax liability; possible gift or estate tax savings Provides annual “income” that could increase if trust value increases
Charitable Gift Annuity Contract in which the Library agrees to pay you back a percentage of your gift annually for your lifetime Immediate income tax deduction for part of gift’s value; capital gains spread out over life expectancy Gives you and another beneficiary a fixed “income” for life
Charitable Lead Trust Trust that pays the Library an annual amount for a period of years before you or heirs receive the trust remainder Possible gift or estate tax savings for value of payments made to the Library Allows you to pass assets to heirs intact at a reduced cost