Piscataway Public Library Foundation Planned Giving Guide

Support the Mission of the Piscataway Library

Piscataway Public Library is committed to engaging minds, building connections, and creating opportunities for individual and community-wide growth.

Planned Giving and Planning Your Estate

In planning your estate it is important to work with a trusted legal advisor 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.  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 ways, with sample language for some common types included below:

Specific Bequest - This is a gift to the library of a particular dollar amount or property.
 
I bequeath (dollar amount or description of property) to the Piscataway Public Library Foundation, Piscataway, NJ.  This is an unrestricted gift and may be used to further the mission and programs of the Library.

Residuary Bequest - This is a gift of all or part of the property remaining in your estate after debts, expenses and specific bequests have been paid.  You control what percentage of your estate is given to an individual or charity.
    
I bequeath all (or ____percent) of the residue of my estate to the Piscataway Public Library Foundation, Piscataway, NJ.  This is an unrestricted gift and may be used to further the mission and programs of the Library.

Contingent Bequest -  This is a gift which only takes effect if the primary beneficiary or beneficiaries of the bequest should predecease you.

If neither my spouse nor any descendant of mine survives me, then I give, bequeath and devise all the rest, residue and  remainder of (property or account) to the Piscataway Public Library Foundation, Piscataway, NJ.

Other Types of Planned Gifts

We hope you will think of the Library when speaking with your attorney about making your estate plans.  You may: Name the library foundation as a beneficiary under your life insurance policy
Name the library foundation as a beneficiary of your retirement plan assets such as an IRA or 401(k), which can have significant tax advantages
Establish a charitable trust benefiting the Library

For Your Advisor

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

  • The legal entity that accepts gifts for the Library is the Piscataway Public Library Foundation, Inc.
  • The Internal Revenue Service has classified our Foundation as not-for-profit 501(c)(3)
  • Our tax identification number is 30-0650628

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