Planned Giving

 Why Choose Old Westbury Gardens?

Planned GivingOld Westbury Gardens serves the public good in a multitude of ways. Its mission statement is: Old Westbury Gardens seeks to inspire appreciation and knowledge of the best qualities exemplified in the American Country estate of the early 20th century through faithful preservation of its landscape and gardens, architecture and collections.

How does it benefit the public? The beauty of the grounds and ongoing preservation of the buildings never disappoint, and often exceed the expectations of our visitors. We have been referred to as the finest example of an English Garden in the United States, and have achieved a rating by Forbes Traveler as one of the world’s ten most beautiful public gardens. Old Westbury Gardens remains a priceless asset to the community.

Environmental education programs, shown to improve math and science scores, are offered to public and private schools. Our program follows New York State curriculum guidelines. We offer classes free of charge to the Westbury School District, which is among the poorest school districts in Nassau County.

We continue with those time-honored events our members have grown to expect and anticipate. This year’s events include: Picnic Pops, Princess teas, Scottish Games, Poetica Musica and First Night.

We have saved open space to protect our drinking water. Old Westbury Gardens is comprised of 200 acres. It is located in a Special Groundwater Protection District to assure that rainwater can percolate and be filtered as it enters our aquifer. This is the sole source of drinking water for every resident of Long Island.

We provide all of these community benefits, but we need your help. You do not need to have a fortune to give a lasting gift to the Gardens. Planned gifts, both large and small, play a critical role in ensuring the future of the Gardens. Invested over time, any sized gift can make a significant impact.

Planned GivingOld Westbury Gardens’ supporters have a broad and genuine affection for the Gardens. We want to translate this good will into a resource that helps us preserve this special place. If all of our admirers, volunteers, members and trustees listed Old Westbury Gardens as a favored charity or included the Gardens in their wills, specifically investing in the Centennial Fund, the Gardens’ endowment would grow enormously and provide financial stability for the life of the Gardens.

Each year the costs needed to preserve and maintain this country estate get more expensive. By carefully considering your gift to Old Westbury Gardens in conjunction with your estate and financial planning you can take advantage of some creative opportunities that can help you maximize your assets. These gifts tailored to your individual circumstances and needs, ensure that the beauty of Old Westbury Gardens will be enjoyed by future generations.

How Can I Help the Gardens?

Giving cash maximizes the tax deduction and minimizes the gift details. You can write a check or give on-line. As a cash donor, you can also remove taxable assets from your estate, and take an immediate deduction for full value.

Personal Property
Planned GivingYou can give artwork, collectibles, equipment or other types of tangible property. Your donation would put assets no longer needed to good use. As a donor you can donate tangible property related to our tax-exempt function. It also removes taxable assets from your estate. There is an immediate tax deduction for full value if we can use the asset.

One of the simplest ways to provide a gift to the Gardens is through a bequest. When including the Gardens in your will, it is recommended that you include the following language:

Planned GivingI give, devise, and bequeath to Old Westbury Gardens, a private, not-for-profit 501c3, tax-exempt organization, having its principal address at 71 Old Westbury Road, PO Box 430, Old Westbury, New York 11568, (list percentage or specific dollar amount) for Old Westbury Garden’s general purposes.

If your circumstances change, you would be able to change your mind and your will at any time.

If you already have a will, a very easy and affordable way to include the Gardens as a primary or contingent beneficiary is through the addition of a one paragraph codicil. This is the simplest form of gift planning; you make a gift that costs nothing during your lifetime; you name us in your will or living trust by designating a specific amount or a share of the residue.

Life Insurance
Planned GivingWith a gift of life insurance, the benefit to Old Westbury can far exceed the premiums paid. If you make Old Westbury the beneficiary and owner of a paid up policy, you would receive a charitable income tax deduction equal to the replacement value of the policy, and at the end of your life, Old Westbury would receive the insurance proceeds. This gift is particularly desirable if the life insurance is no longer needed by grown children. If you give an old or new insurance policy with us as the beneficiary and owner; you make a large gift at little cost. Consider donating a paid-up policy you no longer need or take out a new policy. The donation is exempt from federal income tax. There is a current income tax deduction for a paid up policy. There are future deductions for premium payments on a new policy.

If you were to give appreciated securities, you would benefit in several ways. First you would avoid tax on your capital gains. Second, you may find that you can afford a larger gift to Old Westbury. Third, contributing long-term appreciated stock or other securities removes the taxable assets from your estate. There is an immediate deduction for the full value of the stock.

Retirement Plan Assets (IRA)
Planned GivingName Old Westbury Gardens as the beneficiary of the plan; and your heirs would avoid double taxation when they receive these funds. Both income and estate taxes would be applicable to the money in your retirement plan. Or you can name additional beneficiaries. If you give tax advantaged assets to heirs; name us as whole or partial successor beneficiary on your plan’s form. Again, such a donation is exempt from federal estate and income tax. Old Westbury Gardens would receive your assets tax free, as opposed to your heirs receiving and being taxed on it.

Real Estate
When you donate appreciated real estate; you make a substantial gift, avoid capital gains tax and receive a large income tax deduction. An alternative to donating the full value of real estate is a bargain sale. In this case you would sell real estate or other valuable property to us for less than fair market value. When you sign a contract to sell property to us at a discounted value, it removes the gifted portion of the value of the asset from your taxable estate. There is also an income tax benefit, which is the difference between the market value, and what the price for which it was sold to the Gardens.

Retained Life Estates
Planned GivingYou could give Old Westbury your residence or vacation home while residing in and maintaining the home during your lifetime. You would receive an immediate income tax deduction based on the value of the remainder interest in the home. At the end of your life, Old Westbury would sell the property and receive the proceeds. In essence you would give us the real estate but keep the right to use and enjoy it for life. You can give the real estate to us but retain a life estate. This removes a taxable asset from your estate. There is an income tax deduction for the value of the asset, less the value of your right to keep using it.
Charitable Gift Annuity
This is a simple gift contract that provides lifetime payments to one or two individuals. You can supplement your income with steady payments that are partially tax free by establishing a gift annuity contract with us that pays you a set amount of income for life. Taxable assets are removed from your estate. There is also a deduction for the gift portion of an asset. It is a great retirement income supplement.

Charitable Remainder Trust
Picnic PopsThis is a Trust that pays income for life or a term of years to you, the donor; the assets ultimately benefit Old Westbury Gardens. This method. creates a trust that pays income to you as donor and/or others if you wish. The remainder ultimately is distributed to Old Westbury Gardens. There are significant income and estate tax advantages. In essence you will establish a trust that will pay income to you and your spouse over your lifetime, and upon your death pay the remainder to Old Westbury Gardens. Upon death, the funds would be added to our endowment and interest on the endowment would be used to maintain the house and the gardens. This is commonly referred to as a Charitable Remainder Trust because what remains in the trust is paid to a charity. The size of the trust can be relatively modest.

Charitable Lead Trusts
This technique would be used if you had an asset but had no immediate need for income. Perhaps your heirs are not an appropriate age to receive the property. In this scenario, Old Westbury Gardens would receive the income from the trust. At the end of the trust, the remaining assets of the trust would be distributed to the beneficiaries. There would be an income tax deduction.

Further Communications
Planned GivingIf you would like to attend a presentation by an estate planning attorney, who will explain the tax advantages of Planned Giving, please provide us with your age, mailing address and email address and let us know.

In short, donors can use appreciated stocks, bonds, annuities, retirement assets and/or mutual funds they have held for more than one year to make their gift, and will be able to claim a federal income tax charitable deduction for the full appreciated value of the securities, and no capital gains tax. This means the after tax cost is less than a gift of cash.

Charitable giving is an enormously satisfying act. We’d like to know that you have placed Old Westbury Gardens in your plans so that we can thank you now for your dedication to us. We will include you in the George A. Crawley Society. As a member, we’ll invite you to an annual tea when we will discuss the outlook for the Gardens and we’ll have a lecture once a year on a subject appropriate to the history of the house or the gardens. You’ll receive an acorn pin as a gesture of our gratitude and as a symbol of how your gift, no matter the size, can help us to grow into a resource that will last for many generations. We will not share information with anyone without your approval, and make no further contact with you without your permission.

The information provided here is intended only to provide an overview of the gift options. Old Westbury Gardens cannot render tax or legal advice. We look forward to working with you and your legal or financial advisers and welcome your inquiries.