Support FA

Planned Giving

The J.K. Lilly III Society

J.K. Lilly III Society members are people who have chosen planned giving as a way to express their support for Falmouth Academy. With a little planning, your gift to FA can help achieve your financial, philanthropic and estate planning goals. Planned gifts give back, allowing you to take sizable income, capital gains and estate deductions on your taxes. They can provide income for you and your family for life. And planned gifts can be much larger than other gifts, so you can leave a legacy like that of Josiah K. Lilly, who ensured the future of Falmouth Academy by donating the 34 acres of land where the school sits today.

Planned gifts can include:

Charitable Bequests

A will or trust is the cornerstone of an estate plan. Including Falmouth Academy in your will or trust is as easy as including “To Falmouth Academy of Falmouth, Mass., 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 designate a particular purpose.

Home or Property Donations

Real estate—developed or undeveloped—may be given as a gift to FA, or it may qualify as an appropriate asset to fund a charitable remainder trust or charitable lead trust.

Life Insurance Policy or IRA

You may name Falmouth Academy as the beneficiary of any 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.

Securities

Appreciated securities are also a good choice of asset for making a gift to Falmouth Academy. A gift of securities is eligible for an income tax deduction based on the fair market value of the security at the time of the gift, and no capital gains tax is incurred by the donor. Gifts of securities may be made easily by electronic transfer; contact us for instructions.

Charitable Remainder Trust

A charitable 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 also is avoided.

Charitable Lead Trust

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 contact at 508-457-9696, x. 240.