How to Plan Your Giving

There are many creative and flexible giving options to achieve your unique charitable vision. By pledging your commitment, you join a community of supporters who believe in the library and are honored as members of Marjorie's Circle. Be sure to consult your legal or tax adviser on how specific rules may apply to your situation. Here are some of the most popular planned giving options amongst donors today:

Bequest by Will or Trust
An easy way to make a lasting gift to the causes that are important to you during your life is to make a bequest through your will or trust. By simply including information in your estate planning documents, you can easily establish a charitable fund (or add to an existing fund) at The Friends that speaks to your charitable intentions. The bequest can be for a specific dollar amount, a percentage of your estate or residue of the estate.

Here is some sample bequest language you may want to share with your attorney:

“I give and devise to The Friends of The Eastchester Public Library, located in Eastchester, New York, all (or state a dollar amount or a percentage) of the rest, residue and remainder of my estate, both real and personal, to be used for its general support.”

Retirement Plan
Naming The Friends as a beneficiary of your retirement plan - such as IRA, Keogh, 401(k) and 403(b) – is an opportunity to benefit your library and your heirs. These assets are the most heavily taxed; so it may be more effective for you to transfer assets to a tax-exempt organization, such as The Friends, and leave assets not subject to income tax to your heirs. 

Simply request a Beneficiary Designation Form from your retirement plan custodian, and designate The Friends of the Eastchester Public Library as beneficiary of all or part of your retirement assets.

That's it! As beneficiary, The Friends will benefit from the full value of your gift because charities are tax-exempt and can withdraw the assets without paying incoming taxes on your pre-tax funded assets. Your estate will benefit from an estate tax charitable deduction for the gift. You can add or change beneficiaries, including charities, without the expense of a lawyer.

The Friends’ Federal Tax ID # is: 23-7450440

For more information, call 914-793-5055 and ask about planned giving.