Wednesday, December 17, 2008

Good Bye Emily ......Smooth Sailing.

Teen Librarian, Emily Platz, is a dynamic and exciting individual who brought high energy, caring and the psychology of youth to our Teens.

Emily has captured the hearts and minds of our young and old people alike with her intelligence, forthrightness and great sense of humor. Emily’s legacy is rich in understanding, intelligence, kindness and technology. She helps us understand why Teens need an advocate and how to reach and help them make the right choices. Emily is off to new and exciting ventures in her young life as a graduate student at George Washington University. I wish Emily well and thank her for giving me a chance to know her and benefit from her professionalism and success here at Farmington. Good Bye Emily and smooth sailing.

Why do retirement plan assets make good charitable gifts?

Via A. Garafola, The Development Director of the Farmington Village Green and Library Associaton, has developed a precise and persuasive argument to give this year to our association.

Why do retirement plan assets make good charitable gifts?

During December we can be inundated with appeals for money from myriad nonprofit causes which need our support. Some we have donated to in the past. Others are similar to our favorite causes. Still others we may not have a personal interest in, but they are hoping that our charitable nature will extend to them, too.

An important consideration before you give is what to give. Most people give from their discretionary funds by writing a check or donating by credit card. But giving another type of asset may make better sense for you.

Recently, when President Bush signed the economic bailout bill (H.R. 1424), he included in it a two-year extension of the IRA Rollover Provision.
The provision will be made retroactive to Jan. 1, 2008 and apply to gifts made from that date through Dec. 31, 2009. The provision exempts from taxable income any funds transferred (“rolled over”) from an Individual Retirement Account (IRA) to a charitable organization.*

Why give a gift from your IRA rather than leave it in your will for your loved ones? Because the IRA balance may be doubly taxed at your death. It can be subject to estate taxes (at an assumed rate of 45%) and state and federal taxes (at an assumed rate of 35%). This makes it an effective gift for your charity of choice, while leaving other, less heavily-taxed assets to heirs.

If you are at a point where you need to take minimum distributions, using your IRA to make a donation may be the perfect answer.

For specific examples or more information, contact Via A. Garafola, Development Director, at 860-673-6791, ext 214. Or, email All calls are held in strictest confidence.

* Some limitations apply: The donor must be age 70½ or older; the cap on annual IRA rollovers is $100,000; the contribution must be a direct gift to a charity (no planned gifts); the provision expired at the end of 2007, but plans are to reinstate it and make it permanent.

The Farmington Village Green and Library Association, established in 1901, helps to preserve the quality of life and cultural history of Farmington through an endowment that supports the Farmington and Barney Libraries, Stanley-Whitman House, the Village Green, and the Memento Mori Cemetery on Main Street. You may direct your charitable gift to benefit one of these, or designate it to the FVGLA endowment which allows its Board of Trustees to use your gift where there is the greatest need in any particular year.

This E-News is published by the Farmington Village Green & Library Association, 6 Monteith Drive, Farmington, CT 06032, (860) 673-6791, ext 214. Email The publisher is not engaged in rendering legal or tax advice. For advice in your specific case, contact your attorney or tax planning professional.

Friday, December 5, 2008

Teens at work at the Farmington Library

It is such fun to work with young people. This group of high school students are assisting in the assembly of Barney Library Renovation fund raising informational brochures. They each gave an hour of their time to help our project. Thank You.