A bequest may be right for you if:

• You would like to make a gift to the Union Vale Library.

• You want the flexibility to change your mind.

• You want continued access to your wealth, should you need it.

• You are concerned about outliving your resources.

There are several ways to arrange a bequest such as a:

• Specific bequest, in which you state in your will that you a particular amount in cash or real estate to be left to the Union Vale Library Fund for the Union Vale Library.

• Residuary bequest, in which you control what percentage of your estate is paid to the Union Vale Library Fund charity after all other bequests, expenses, debts, etc. have been paid.

• Contingent bequest, in which the Union Vale Library Fund charity receives a portion of your estate if you other beneficiaries predecease you.

Some of the other ways to give to the Union Vale Library Fund by Will or Trust are:

• Charitable Gift Annuity: A Charitable Annuity is essentially a contract between you and a charity, such as the Union Vale Library Fund (UVLF) that involves transferring cash or property to the charity in exchange for a partial tax deduction and a lifetime stream of annual income.

• Charitable Remainder Trust: A Charitable Remainder Trust is a qualified trust that pays income to beneficiaries. After all income payments have been completed, the remainder is distributed to UVLF, which is a qualified charity. With this trust you’re able to bypass capital gains tax, increasing income, and receiving a charitable income tax deduction.

• Charitable Lead Trust: Through a Charitable Lead Trust, you and your legal or financial advisor select assets to fund a lead trust: UVLF, as the charity, receives a fixed annual payout from the trust, and the remainder goes to your beneficiaries at the end of the charity’s payout term.

• Charitable Endowment: With a Charitable Endowment, you can leave property or money in an endowment so that the UVLF, does not spend the principal. Instead, the nonprofit grants the endowment income per your instructions.

A change of beneficiary request may be right for you if:

• You would like to make a gift to the Union Vale Library.

• You want to create your legacy of giving and avoid a long probate process.

• You want the flexibility to change your mind.

• You want continued access to your wealth, should you need it.

• You are concerned about outliving your resources.

• You want simplicity and tax efficiency.

You can request an account or deed designation change to “transfer-on-death” (TOD) or “payable-on-death” (POD) for most any account or asset you own. This change in beneficiary designation avoids the probate process and funds your Union Vale Library legacy after you pass away, while ensuring sure you control your assets while you are alive. Minimal paperwork makes this a very simple tool for making a charitable donation.

Using a TOD or POD designation can fund your legacy using real estate, life insurance, any retirement account (e.g., pension funds, 401-K’s, 403-B’s, etc.) and any financial assets held in banks and brokerage firms such as CDs, savings accounts, and even cryptocurrency. The assets received by the UVLF, as a 501(c)(3) will be considered a charitable donation and will not be reduced by taxes.

If given to the Union Vale Library, these funs 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, for example, whereas your heirs may receive only a portion of the benefit, after paying estate taxes.

TOD/POD designations are simple to establish but will require the following information:

Legal name: The Union Vale Library Fund, Inc. for the benefit of the Union Vale Library;

Legal Address: 8 Tymor Park Road, Tymor Park, Lagrangeville, NY 12540

EIN: 87-1484913

Questions? Please contact us at plannedgiving@uvlf.org

• When the original purpose for a life insurance policy no longer applies—such as educating children now grown or providing financial security for a spouse—your policy can become a meaningful way to support our work.
  

• Gifting a life insurance policy allows you to make a significant legacy gift to a charity like UVLF with tax benefits that you can enjoy during your lifetime.
  

• Through a relatively small annual cost of the premium, you can give a gift to the UVLF, as a charity, that is larger than otherwise would be possible.
  

• This gift is as simple as updating your beneficiary designation form with the policy holder. You can designate the UVLF as the primary beneficiary for a percentage or specific amount. You can also make UVLF the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn’t survive you.
  

• Gifting live insurance policies can also help your heirs avoid income and estate taxes

• A retirement plan can be a tax-efficient and simple way of including your favorite charity in your estate plan. If the UVLF, a 506(c)(3) charity, is named as the beneficiary it does not pay income or estate taxes on the distribution.

• You can give any amount (up to a maximum of $105,000) this year from your taxable IRA directly to a qualified charity such as the UVLF, without having to pay income taxes on the money. Gifts of any value $105,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference at the Library. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
  

• Gifting retirement accounts and life insurance policies can help your heirs avoid income and estate taxes.

• Consider giving real estate, such as a personal residence, vacation home, farm, commercial property, or undeveloped land. When you make a charitable gift of appreciated property you have held longer than one year, you qualify for a federal income tax charitable deduction, and you may minimize or eliminate capital gains tax. In some cases, you can even avoid dealing with that property’s maintenance costs, property taxes, or insurance.
  

• Another benefit: This may also avoid some of the hassle of selling the real estate. You can either deed the property to the UVLF as your charity or to a charitable trust during your lifetime or ask your attorney to add a few sentences in your will or other estate documents.
  

• A gift of real estate through your will or living trust allows you the flexibility to change your mind and the potential to support our work with a larger gift than you could during your lifetime. In as little as one sentence, you can ensure that your support for the Museum continues after your lifetime.

• Donor-advised funds are the fastest-growing charitable giving vehicle in the United States.

• Donor-advised Funds are one of the easiest, flexible and most tax-advantageous ways to give to a charity such as the UVLF and other charities you may give to annually.

• Donor Advised Funds allow you, as the donor to make a charitable contribution, receive an immediate tax deduction, and then recommend donations to non-profit organizations like the UVLF, from your fund over time.

• Donors to DAFs retain advisory privileges but the ultimate legal decision regarding who receives your charitable donations lies with the DAF.

• DAFs also do not have to award the charity a donation immediately.

• For these and other considerations we suggest you consult with your legal and financial advisors to decide if a DAF is the correct vehicle for you.

• If you are already utilizing a Donor-Advised Fund for your charitable giving, please consider donating to the Union Vale Library Fund as one of your charities or your charity of choice!