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.