Planned Giving to Queens Library Foundation

Planned Giving includes gifts through your will or living trust, your pension or IRA, a life insurance policy, a charitable trust, gifts of real estate or other appreciated assets. Using a planned giving vehicle, you can combine your estate planning and your financial and philanthropic objectives. Of course, advice from legal and tax counsel should be sought when considering a charitable gift of any type.

Name the Library in your Will or Living Trust

 

Name The Library As A Beneficiary Designation

 

Arrange A Gift That Provides Lifetime Payments

 

For more information about planned giving, contact the Queens Library Foundation at 718-480-4273 or foundation@queenslibrary.org.

Name The Library In Your Will Or Living Trust

Charitable Bequests can be made in the form of a specific gift of cash or property, or as a percentage of an estate, whichever is best for your circumstances. You can also bequeath specific assets to the Queens Library Foundation including stocks, real estate, or other tangible property. A charitable bequest can be easily included in your will or living trust when it is written or revised. A bequest may also be added through a codicil, a separate document amending your existing will or living trust. All charitable bequests are fully deductible from your gross estate. The following examples illustrate some bequest techniques. To ensure your estate is distributed in the manner desired by you and your heirs, we encourage you to discuss these matters with a qualified estate planner. For example:

"I bequeath (dollar amount or description of property) to Queens Library Foundation, a non-profit corporation, located at 89-11 Merrick Boulevard Jamaica, New York 11432."

  • Specific Bequest is a gift of a particular dollar amount or a particular piece of property.
  • 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. When you use a percentage instead of a specific amount, your gift will stay relatively the same in proportion to your entire estate, regardless of unexpected increases or decreases in its value.
  • Contingent Bequest is a gift that takes effect only if the primary beneficiary or beneficiaries of the bequest predecease you.
  • Restricted Bequest limits the use of the gift to a specific community library/department, program or purpose.

The full legal name of the Library's Foundation is The Queens Library Foundation. Our legal address is 89-11 Merrick Boulevard, Jamaica, New York 11432

Queens Library Foundation's Federal Tax ID Number is 11-3009405.

Name The Library As A 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.

  • Retirement Plans, Pensions, and IRAs: You can name Queens Library Foundation as the beneficiary of your retirement plan, pension and IRAs. By using the standard beneficiary designation form that includes your name and social security number, you determine the primary beneficiary to be: The Queens Library Foundation.
  • Life Insurance Policies: Queens Library Foundation welcomes gifts of life insurance when the policy is paid in full and the Foundation is named as the owner and the irrevocable beneficiary of the policy. Queens Library Foundation will accept gifts of life insurance policies that are not paid in full at the time of the gift when 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.

Information for naming the Library as a Beneficiary Designation:

Naming the Library as beneficiary of any of the abovementioned gift types is easy: Contact a representative of the institution that manages your account or policy, and request a “change of beneficiary form.”

The full legal name of the Library's Foundation is The Queens Library Foundation. Our legal address is 89-11 Merrick Boulevard, Jamaica, New York 11432

Queens Library Foundation's Federal Tax ID Number is 11-3009405.

Arrange A Gift That Provides Lifetime Payments

Charitable Trusts are legal entities that allow you to set aside money for particular causes or organizations, while retaining control over the investments and the distribution of funds. You get tax deductions for your donations, during your lifetime. For example:

  • Charitable Remainder Trust allows you to receive income for life from the trust assets with the trust principal distributed to charity upon your death.
  • Charitable Lead Trust allows you to distribute current income to the charities named in the trust agreement for a specific term, and distributes the trust principal to the individuals named by you at the end of the trust term.