Planned Giving

To make a charitable bequest to The Westport Library, you can simply include a statement in your will or trust agreement that makes specific reference to “The Westport Library, a charitable organization with offices in Westport, Connecticut.” Also be sure to reference the amount or percentage of the bequest.

A bequest of your retirement plans such as pension funds or IRAs can be a tax effective way to gift to The Westport Library. You should consult with your legal and tax advisors before adding this or any charitable bequest to your will, trust agreement, or retirement account.

A donor-advised fund is a dedicated account for charitable giving that can be established under a name chosen by the donor, similar to a foundation. When you make an irrevocable gift to a donor-advised fund, you are able to create a philanthropic legacy that offers grant-making flexibility and anonymity-advantageous tax deductions. You can incorporate your donor-advised fund into estate planning by making a bequest in your will. To do so, contact your fund administrator to request a distribution or beneficiary form or download the appropriate form(s) from your administrator’s website.

If you include The Westport Library in your plans, please let us know and use our legal name and federal tax ID.

Information for the Attorney Drafting Your Bequest:

Legal Name: The Westport Library

Address: 20 Jesup Road, Westport, CT 06880

Federal Tax Identification Number: 06-0672798

Making a gift to the Library by beneficiary designation from any or all of the following types of TOD (“Transfer on Death”) accounts is a simple and efficient way to fund you legacy and avoid the time and expenses that result from having the assets subject to the probate process.

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 a larger portion of the remaining benefits you earned throughout your life.

If given to the Library properly, these funds could limit income and estate taxes and reduce the size of your total taxable estate.

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. Alternatively, you could name the Library as the beneficiary of the policy, which opens up opportunities for other beneficiaries to take advantage of estate tax deduction.

Financial Accounts

Many people’s primary assets are held in savings, checking, and brokerage accounts that allow you to designate a beneficiary. Naming The Westport Library as the beneficiary of these accounts is very simple and allows whatever balance (or portion thereof) remaining to pass to the Library upon your death.

Completing the Designation

To name the Library as beneficiary of any of the abovementioned gift types, contact a representative of the institution that manages your account or policy, and request a “change of beneficiary form.” Please remember to consult your tax and legal professionals prior to finalizing any gift, designation, or estate plan document naming The Westport Library as a beneficiary.