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 Other Planned Gift OptionsConsider naming the Library as a beneficiary of your retirement plan or life insurance policy. Retirement Plans Many people do not know that when retirement plans such as pension funds, 401ks, 403bs, and IRAs are left to an individual other than a spouse, they can be subject to income taxes and estate taxes. The two taxes combined could erode up to 80% of the remaining benefits! If given to the Library, these funds would escape all income and estate taxes and reduce the size of your total taxable estate. The Library would receive 100% of the remaining benefit in your retirement plan, whereas your heirs may receive only a portion of the benefit. Naming the Library as beneficiary of your retirement plan or life insurance policy is easy: you need only to contact the administrator of your retirement or insurance plan and inform them that you wish to give all or part of the remainder to The New York Public Library. Life Insurance If you own a life insurance policy that is no longer needed for the protection of your family or for other purposes, you may use it to make a gift to the Library. One way to give a life insurance policy to the Library is to name the Library as the owner and irrevocable beneficiary of the policy. In doing so, you qualify for an income tax deduction for the cash value of the policy. Alternatively, you could name the Library as the beneficiary of the policy. In this case, your estate would be entitled to an estate tax deduction equal to the value of the policy. To designate the Library as a beneficiary of your retirement plan, your insurance, or a bank or brokerage account, please note that the Library’s full legal name, address, and Federal Tax Identification Number are: The New York Public Library, Astor, Lenox and Tilden Foundations 476 Fifth Avenue New York, New York 10018 TIN: 13-1887440 To learn more about gifting of retirement plans and life insurance policies, please contact the Planned Giving Staff |
