HOW TO HELP - Ways to Give
Bequests
Including a charitable bequest to the FVGLA in your will can recognize the value of our work, offset taxes for you and your heirs, and have a profound impact in your community, all without affecting your current lifestyle.
The suggested bequest language for your attorney to include the FVGLA in your will is:
"I give, devise and bequeath ___% (percentage) of my estate, OR $___ (sum of money), OR, ___ (named property), OR, all the rest, residue, and remainder of my estate to the Farmington Village Green and Library Association (FVGLA), a nonprofit 501(c)(3) corporation, located in Farmington, Connecticut, USA."
If you have already included the FVGLA in your estate plans, thank you for your generous gift and helping to fulfill our mission. Please contact us about your bequest intentions. We would be honored to recognize your commitment.
Retirement Assets/IRA
Retirement assets are tax-deferred retirement savings accounts, including profit-sharing, IRAs, 401(k), 403(b), and Keogh and pension plans. While you are still living gifts from these accounts may have withdrawal penalties. And at your death, if left to your heirs, the balance may be doubly taxed—subject to estate taxes (at an assumed rate of 45%), and state and federal taxes (at an assumed rate of 35%).
If you are at the point where you must take minimum distributions* from your retirement plan, using that asset to fund your gift may be the perfect answer. Whether giving these assets now or through your will, you can continue to take withdrawals as needed, or change beneficiaries if your needs change.
*Donor must be age 70½ or older. The cap on annual IRA rollovers is $100,000 and the contribution must be a direct gift to a charity (no planned gifts).
Appreciated Securities
Giving appreciated securities (stocks, bonds or mutual funds) to the FVGLA offers many benefits to the donor.
- Pay no capital gains tax on the increase in value of the securities you donate—taxes you would pay if you sold the securities outright
- Receive a deduction for the full fair-market value of the property
- Gain satisfaction knowing you are giving back to your community in a significant way, and
- Add to your peace of mind knowing you’re one step closer to completing your estate planning process.
To transfer a gift of stock to the FVGLA, please first notify the FVGLA Development Director with stock details. Thank you.
Life Insurance
Life insurance that has served its original purpose offers a simple way to make an outright gift to the FVGLA without incurring any expenses.
Do you have a paid-up policy with outdated beneficiary designations? With your children now grown, your mortgage paid, your retirement secure, is your life insurance coverage more than you need?
Name the FVGLA owner and sole beneficiary of a paid-up policy. Or, add the FVGLA as a residual beneficiary. If the primary beneficiary predeceases you, the proceeds go to the FVGLA.
Personal Property or In-Kind
A gift that is a tangible item, for example, a work of art, equipment, or a literary collection, and gifts of materials used in the building, restoration, or service to an FVGLA entity—such as discounted lumber—may also be given.
The acceptance of personal property gifts made to the FVGLA entities is overseen by the directors of each and donors should contact them directly. Contact the Library Director, or Stanley-Whitman House Director.
Real Estate
Gifts of real estate can take many forms, such as, a personal residence, vacation home, condominium, land, rental, or commercial property.
Using real estate to fund a charitable gift makes sense when the property no longer fits your family needs or living pattern, or its upkeep is too demanding. It also offers you significant tax advantages—avoids the capital gains taxes associated with selling it—and your charitable contribution deduction is for the appraised value.
Each person and situation is unique and real estate requires thoughtful consultation. We are pleased to work with you and your advisors to arrange a plan that’s right for you.
Payable on Death (P.O.D.) Accounts
A payable-on-death bank account (sometimes referred to as a Totten Trust) is a regular bank account that designates who will receive funds upon your death. Often called the “poor man’s trust” because they accomplish the same goals as a lawyer-drawn trust, you simply set up a P.O.D. account and notify the bank that you want the FVGLA to inherit it.
This designation can be done with banks, brokerage firms, retirement funds and more. Since you are considered the owner of your account, you can cancel or change it as you wish.* Plus P.O.D. accounts avoid probate court, allowing quicker distribution and privacy.
Contact the Development Director for our official name, address and Federal I.D. Number to include on your P.O.B. beneficiary form.
*Do not rely on your will to change a payable-on-death account, deal directly with the bank and carefully follow procedures for making changes.
U.S. Savings Bonds purchased during your working years and payable to you, but without provisions for a second beneficiary, may also be an asset to consider donating.