Princeton

Giving

• Ways to Give
• Donors
• The Northrop Society
• Planned Giving

Planned Giving

Planning your Estate

Thinking about how you wish to distribute assets you have accumulated over a lifetime is a personal matter. Your decisions will affect those you love and are a reflection of your particular interests. In planning your estate it is important to work with a trusted legal adviser who has expertise in this area and can help you design a plan that takes care of your family, preserves your property and also provides for the causes you care about most.

Tax laws recognize the value of financial support for organizations like the library that provide for the public good. Therefore, there are certain incentives for making charitable gifts. With guidance from your attorney or financial planner, you can consider the most beneficial way to deal with different types of assets. You can start by taking a careful inventory of your assets.

• Do you have cash, securities, real estate or other tangible personal property? What is your cost basis? What is the present value of these assets? How are they owned?
• Do you have assets, such as life insurance and retirement plans? Have you reviewed the beneficiary designations? Are you aware of the tax implications of passing certain assets on to your heirs?
• Did you know you may avoid both income and estate taxes by bequeathing certain retirement plan assets, U.S. Savings Bonds, deferred compensation, annuities and stock options to the Library?

Bequests

Your attorney can help you incorporate a bequest for the Library into your will. Bequests may be structured in several was, with sample language for some common types included below:

• Fixed Dollar Bequest – This is a straightforward way to provide a specific gift amount to the library.
• I give to the Princeton Public Library Foundation, Princeton NJ $____________. This is an unrestricted gift and may be used to further the mission and programs of the Library.
• Bequest of Residue – After all other bequest have been granted and estate administration expenses have been paid, use this approach to leave all or a portion of what remains to the Library.
• I give to Princeton Public Foundation, Princeton, NJ all (or ______%) of the residue of my estate. This is an unrestricted gift and may be used to further the mission and programs of the Library.

Other types of Planned Gifts

We hope you will think of the Library when speaking with your attorney about making your estate plans. Besides bequests, we would be pleased to make you a member of the The Northrup Society if you:

• Name the Library as beneficiary under your life insurance policy;
• Name the Library as a beneficiary of your retirement plan assets such as an IRA or 401(k), which can have significant tax advantages; or
• Establish a charitable trust benefiting the Library.

For Your Adviser

In considering a gift for the Princeton Public Library Foundation in your will, there are several points of information you attorney will want to know:

• The legal entity that accepts gifts for the Library is the Princeton Public Library Foundation, Inc.
• We are a not-for-profit classified 501(c)(3) by the Internal Revenue Service.
• Our tax identification number is 22-3494366.

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