The Library Legacy Society
The stories of yesterday are the legacy upon which today’s Princeton Public Library was built. The groundwork for our success was laid by good will and philanthropic gestures more than 100 years in the making.
In 1945, Mrs. E.F. Northrup left the Princeton Public Library its first recorded bequest. One person can make a difference and Mrs. Northrup’s testamentary gift of $1,000 was surely significant in its day.
We invite you to become a member of the Library Legacy Society. In doing so, you will join a special group of individuals who have told us that they have provided for the Princeton Public Library Foundation in their will or estate plan. Each year the library recognizes the Legacy Society members at the annual Donor Appreciation event.
Planned Giving and Planning your Estate
Thinking about how you wish to distribute assets you have accumulated over a lifetime is a personal matter. Your decisions will affect those you love and are a reflection of your particular interests. In planning your estate it is important to work with a trusted legal advisior 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. Therefore, there are certain incentives for making charitable gifts. With guidance from your attorney or financial planner, you can consider the most beneficial way to deal with different types of assests. You can start by taking a careful inventory of your assests.
- Do you have cash, securities, real estate or other tangible personal property? What is your cost basis? What is the present value of these assest? 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 beqeathing certain retirement plan assests, U.S. Savings Bonds, deferred compensation, annuities and stock options to the Library?
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:
- Fixed Dollary Bequest – This is a straightforward way to provide a specific amount to the library.
- I give to the Princeton Public Library Foundation, Princeton NJ $ _______. This is an unrestricted gift and may be used to further the mission and programs of the Library.
- Bequest of Residue – After all other bequest have been granted and estate administration expenses have been paid, use this approach to leave all or a portion of what remains to the Library.
- I give to Princeton Public Library Foundation, Princeton, NJ all (or ____percent) of the residue of my estate. This is an unrestricted gift and may be used to further the mission and programs of the Library.
Other Types of Planned Gifts
We hope you will think of the Library when speaking with your attorney about making your estate plans. Besides bequests, we would be pleased to make you a member of the Northrup Society if you:
- Name the Library as a beneficiary under your life insurance policy; or
- Name the Library as a beneficiary of your retirement plan assests such as an IRA or 401(k), which can have significant tax advantages; or
- Establish a charitable trust benefiting the Library.
For Your Advisor
In considering a gift for the Princeton 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 Princeton Public Library Foundation, Inc.
- We are a not-for-profit classified 501(c)(3) by the Internal Revenue Service.
- Our tax identification number is 22-3494366