Planned Giving

The J.K. Lilly III Society—named for Josiah K. Lilly whose far-sighted gift of 34 acres provided the campus on which Falmouth Academy is sited today—recognizes individuals who have chosen to make a planned or deferred gift to Falmouth Academy. Such legacy gifts are extraordinarily important to Falmouth Academy, helping ensure that future generations of students benefit from a Falmouth Academy education.

All donors who are considering a planned gift to Falmouth Academy should seek the advice of an attorney or tax advisor. Development staff will work closely with donors and their advisors to structure a planned gift that meets the donors’ financial, philanthropic and estate planning goals.  Please see our Gift Acceptance Policy for detailed information.

Planned gifts to Falmouth Academy may include:

  • A will or trust—the cornerstone of an estate plan. Including Falmouth Academy in your will or trust is as easy as including “To Falmouth Academy at 7 Highfield Drive in Falmouth, Massachusetts, I leave _____.” You may specify a certain dollar amount, a specific property, a stated percentage of your estate, or the remainder of your estate. You may also stipulate that the gift support a particular purpose. Unrestricted planned gifts are customarily directed by the Board of Trustees toward the endowment for the fiscal sustainability of the school.
  • You may name Falmouth Academy as the beneficiary of an insurance policy or Individual Retirement Account (IRA). Since you remain the owner of the policy or IRA, you may change the beneficiary at any time. Thus, this type of gift does not take effect until the death of the donor, at which time it is eligible for an estate tax deduction. An IRA is a particularly good choice for making charitable gifts because FA will receive the full amount of the IRA without reduction for income taxes.
  • Individuals who are 701/2 or older may make a Qualified Charitable Distribution (QCD), which permits annual direct transfers to Falmouth Academy totaling up to $100,000 of tax-deferred IRA savings.  QCDs may be made from any IRA or individual retirement annuity, but not from a simplified employee pension, a simple retirement account or an inherited IRA.
  • Life Income Gifts such as a Charitable Gift Annuity or a Charitable Remainder Trust can provide you tax advantages, an income in your lifetime, and a sizable legacy gift to the school. A gift annuity can secure a fixed income in your lifetime, while a remainder trust allows a donor to transfer assets to a trust and reserve the right to retain income from the asset for life or a period of years. A gift to a Charitable Remainder Trust is eligible for an income tax deduction currently and an estate tax deduction for the remainder paid to Falmouth Academy when the trust terminates. When the assets are sold or reinvested by the trustees, capital gains tax is also avoided. A Charitable Lead Trust allows a donor to transfer assets to a trust from which the income is paid to FA for a specified period. At the end of that period, the assets may be distributed or held for a donor’s beneficiaries. This type of trust may reduce a donor’s current income tax liability for the term of the trust, while ultimately preserving the underlying assets for loved ones.

For more information, please confer with your financial planner and contact the Development Office at 508­-457­-9696.