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What is It? |
What are the tax benefits? |
What are some other benefits? |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |