Hinsdale Public Library Foundation-

Planned Giving
Planned giving involves coordinating your charitable intentions with your financial, tax and estate planning goals so as to benefit to the maximum both you and the Hinsdale Public Library Foundation. Gifts can be either outright or restricted; can be either effective during life or at death; and can be made in cash, stocks, bonds, real estate, personal property or life insurance.
Planned gifts take many forms, depending upon your particular circumstances and objectives. It is recommended, therefore, that you consult with your own tax or legal advisors prior to making a planned charitable gift.

Lifetime Outright Gifts
The most straight-forward method of giving is to transfer to the Foundation during your life cash, stocks, bonds, real estate, personal property or life insurance. You will receive immediate income tax deductions, subject to certain limits, and the gifted property will be removed from your taxable estate at death for estate tax purposes. Such gifts can be unrestricted, so that they can be used for the general charitable purposes of the Foundation in supporting the Library, or can be restricted to support only certain projects and objectives of the Library.

Gifts by Will
A gift under your will is one of the simplest planned gifts and, in addition to supporting the Foundation and Library, will serve as an example to your heirs of the type of charitable giving which you deem important. Charitable outright gifts by will are 100% deductible for estate tax purposes and can be either unrestricted or restricted.
Examples of gifts by will are:
"I devise and bequeath to the Hinsdale Public Library Foundation, a not- for-profit Illinois corporation, of Hinsdale, Illinois the sum of $_____ to be used for its general charitable purposes of supporting the Hinsdale Public Library."

"I devise and bequeath _____percent of my residuary estate to the Hinsdale Public Library Foundation, a not-for-profit Illinois corporation, of Hinsdale, Illinois, to be used for its general charitable purposes of supporting the Hinsdale Public Library."

Lifetime Charitable Gift Annuity
A gift annuity is an agreement wherein, in exchange for your irrevocable gift, you are paid a fixed dollar amount during your life and/or the life of another designated person. The payments can begin immediately or be postponed until a future time, such as your retirement. The amount you receive is determined by your age, the age of your beneficiary and the size of the gift. A major portion of your income will be a tax-exempt return of principal. Payment of the annuity is guaranteed.

Lifetime Charitable Remainder Trust
A charitable remainder trust allows you to retain the right to receive certain payments during your life and/or the life of another designated person and, thereafter, transfers the remaining trust property to the Foundation. The ownership and management of the property that you contribute to the trust are transferred to a corporate trustee of your choice, which will manage the trust property and in payments to you and/or another beneficiary.
There are two types of charitable remainder trusts: the unitrust and the annuity trust. In a unitrust, you and/or your beneficiary will receive payments equal to a percentage of the market value of the trust from year to year, so that the payments will fluctuate with the value of the trust. In an annuity trust, you and/or your beneficiary will receive payments that are fixed and determined when the gift is made, so that the amount paid will not vary from year to year.
Significant tax advantages can be obtained from a charitable remainder trust. For example, if you have appreciated securities that produce little income, and if you need income but do not wish to sell these securities and pay capital gains tax, a contribution of the securities to a charitable remainder trust might be the answer. The trustee can sell the appreciated securities without realizing taxable gain to the trust, and then reinvest the sales proceeds in income-producing property, which can support the payments to you. Not only will you receive a needed flow of income, but you will also receive an income tax deduction equal to the present value of the charitable remainder interest (subject to certain limits imposed by law) and the property remaining at your death will not be subject to estate tax. However, the payments to you might be subject in whole or in part to income tax when received by you. Both you and the Foundation will benefit from your generosity.

Real Estate
Gifts of real estate that has appreciated in value enjoy the same tax advantages as gifts of securities - you may claim a charitable deduction and avoid capital gains tax liability for the appreciation. In most cases, a gift of real estate entitles you to a charitable deduction for the property’s full fair market value. Real estate can be used to make an outright gift or to make certain types of planned gifts, resulting in a charitable deduction as well as reduced estate taxes. For example, real estate can be placed in a trust and the proceeds from the sale of the property can provide you with a lifetime stream of income. You may also consider a gift of your residence, in which you retain an interest allowing you to continue to use it during your lifetime.

Personal Property
You can make a gift to the Foundation of personal property such as works of art, rare books, and antiques.

Other Types of Assets Available for Gifts
It is possible to make a gift of an interest in commercial or other real estate, a limited partnership, mineral or drilling rights, royalties, or leases. Such gifts allow you a charitable deduction for the fair market value of the interest and, in many cases, may be used to fund a planned gift as well.