Planned Giving Information
The Torrington Library depends on many sources of revenue. Planned gifts represent important funding for the Library, helping to ensure that the Library has the resources it needs to remain a vital and evolving part of the Torrington community. Through bequests, beneficiary designations, and other forms of giving, you can ensure ongoing support for an institution that you value and enjoy. Planned giving can also be part of your total financial plan. By including the Torrington Library in your estate plan, you can significantly support your community while retaining benefits for yourself.
How does planned giving benefit you?
- Planned giving allows you to provide for the Torrington Library by giving assets and retaining the income for you and/or for someone else.
- Planned giving brings you considerable tax advantages, including income, gift, and estate tax charitable deductions, and, in most cases, avoidance of capital gain tax.
- Planned giving provides you with effective management of your resources if you choose to make your gift with real estate, appreciated securities, or closely held stock.
- When your planned gift is confirmed, you become a member of The Literati, our planned giving society. Literati members will have the opportunity to meet with the library's leadership to discuss ways to enhance the library's presence in the community, and much more.
What assets can you use to fund a planned gift?
- Gifts of cash are among the most popular ways of giving to non-profit organizations.
- Gifts of appreciated securities or bonds may prove more advantageous than gifts of cash. They not only generate a charitable income tax deduction but also, in most cases, eliminate the capital gain tax.
- Gifts of real estate can be used as a gift with retained life use, or to fund a life income agreement. If used to fund a life income agreement, once you have deeded the property to the Torrington Library, trustees of the library will manage its sale, relieving you of that burden.
- Gifts of closely held stock or other business interests can be converted into cash, benefiting both you and the Torrington Library.
- Corporate matching gifts, if applicable, will enhance your planned gift to the Library.
Your Legacy: A Bequest to the Torrington Library
Bequests, both modest and sizeable, are an important source of funding to the Torrington Library. A bequest is accomplished through a written and executed will.
Why should you consider making a gift to the Torrington Library in your will?
- A substantial gift to the Torrington Library can be made without affecting your family’s current financial security.
- Both the principal and the income of your estate are available to you during your lifetime.
- Tax savings for your estate are maximized.
- The amount and ultimate use of the funds may be designated.
- A bequest for general endowment carries in perpetuity a name designated by the donor.
- You share in the good feeling that comes from knowing that your gift will help secure the Library’s future.
To make a bequest to the Torrington Library:
Bequest provisions that benefit the Torrington Library can take several forms, including:
- General Bequest: A bequest, such as cash, which may be satisfied from the general assets of the estate.
- Specific Bequest: A bequest of a particular specified class or kind of property, such as designated securities, items of tangible personal property, or real estate.
- Residuary Bequest: A portion, or all of the remaining estate after payment of debts, expenses, general bequests and specific bequests.
- Testamentary Trust: You can provide lifetime income to a beneficiary with those assets going to the Torrington Library after the beneficiary’s death.
- Contingent Bequest: You can direct that property bequeathed to a specific person be directed to the Torrington Library should that beneficiary not survive you.
If you would like to make a bequest of any type to the Torrington Library, please call Jessica Gueniet, Library Director, at (860) 489-6684 for more information.
*Note: the information on this page is provided as a general resource and does not replace professional financial advisement. Please consult with your financial planner or attorney prior to making any sort of planned gift, to maximize the tax advantages for you and your estate.