A distinguished library like the Stratford Library depends on many sources of revenue. Planned gifts represent important funding for the library. Planned giving can also be part of a total financial plan for you. By including the Stratford Library in your estate plan, you can significantly support an educational and recreational non-profit resource while retaining benefits for yourself.
The two most common plans
A life income agreement allows you to make a substantial capital gift to the Library while retaining income for your lifetime and/or that of a second beneficiary. The Gift Annuity, Pooled Life Income Fund, and Charitable Remainder Trust are three varieties of life income agreements.
A bequest provides for the Library's future while the amount of the bequest is deducted from the taxable portion of your estate. Including the Stratford Library in your will permits maximum use of funds today and provision for the library tomorrow. Your lawyer can suggest wording and provide assistance should you wish to make a bequest to the Stratford Library.
At a future date, the gift will be used as you have designated to support the library's mission of service. You may choose to establish an endowment fund for a specific department or program. You may on the other hand, elect to place no restrictions on the gift, allowing the Stratford Library Trustees the freedom to direct the funds toward the purchase of books or to particular programs in response to evolving needs and technological advances.
Bequests, both modest and sizeable, are an important source of funding to the Stratford Library. A bequest is accomplished through a written and executed will.
Estates valued at more than $675,000 are subject to federal estate taxes. Under current law, this amount will be changing in future years. An unlimited marital deduction eliminates taxes on all assets transferred between spouses during their lifetime or under a will. Careful estate planning is vital upon the death of a surviving spouse.
You may provide for the Stratford Library by making a new will, modifying your present will (by adding a codicil), or by including the library in your revocable trust. If you decide to bequeath money or property to the Stratford Library, you should contact your lawyer in order to make either: (a) an unrestricted bequest, (b) a restricted bequest, or (c) an endowment.
Bequest provisions that benefit the Stratford Library can take several forms, some of which are:
General Bequest: A bequest, such as cash, which may be satisfied from the general assets of the estate.
Specific Bequest: A bequest of a particular specified class or kind of property, such as designated securities, items of tangible personal property, or real estate.
Residuary Bequest: A portion, or all of the remaining estate after payment of debts, expenses, general bequests and specific bequests.
Contingent Bequest: You can direct that property bequeathed to a specific person be directed to the Stratford Library should that beneficiary not survive you.
Testamentary Trust: You can provide lifetime income to a beneficiary with those assets going to the Stratford Library after the beneficiary's death.
Your will should be drafted by your own attorney. The Trustees of the Stratford Library Association will be pleased to consult in confidence with you and your legal adviser about the phrasing of any specific bequest you may have in mind. We can help ensure that your bequest to the Stratford Library accomplishes your philanthropic intent and benefits you and your loved ones. You should review your will periodically with your attorney to ensure that it reflects your current situation and takes advantage of current tax laws.
Thank you for considering a bequest to the Stratford Library. Your bequest will create the future. For further information please contact:
Barbara Blosveren, Director
Stratford Library Association
2203 Main St., Stratford, CT 06615