Planned Giving

Some gifts do not have to cost you anything today, but support our ;mission in the future. These gifts include naming Fayetteville Academy as a beneficiary of your will or living trust, retirement plan (IRA, 403(b), 401(k),etc.), or life insurance policy.

After naming Fayetteville Academy in your will, codicil to your will, living trust, or as a beneficiary of your retirement plan, life insurance policy, or donor-advised fund, designate your gift for a particular  purpose that is important to you, or allow us to use the gift where the need is greatest at the time it matures. You can indicate a set amount, a percentage, or the remaining balance to benefit our mission.

Through planned giving, your assets remain in your control during your lifetime, and you can modify your gift at any time. Under current federal tax law, there is no upper limit on the estate tax deduction for your charitable gifts.

Retirement plans and IRAs may be subject to double taxation of estate and federal income tax with  the total tax bill to heirs exceeding 50% of the assets – unless directed to a spouse or charity.

Because Fayetteville Academy is a tax-exempt institution, ownership of retirement assets can pass to the school without taxation. For this reason, it is often a preferred asset to gift to a charity. Alumni and friends who would like to make a tax-efficient bequest should consider naming Fayetteville Academy as a beneficiary of an IRA, tax-shelters annuity, or qualified pension or profit-sharing plan. It’s the most tax efficient way to  create a legacy.

Gifts may be for a percentage of the plan’s value and there is no minimum gift amount.

As with retirement plans, naming Fayetteville Academy as the beneficiary  of a life insurance policy or your donor advised fund is as simple as filling out a change of beneficiary form with  your plan/fund administrator. Be sure to let us know you have named us as the beneficiary so that we can contact the insurance company ro fund at the appropriate time and put your gift to work as you intend.

Naming Fayetteville Academy as he beneficiary or a qualified retirement plan asset such as a 401(k), 403(b), IRA, or profit-sharing plan will accomplish your charitable goals while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming Fayetteville Academy as a beneficiary of all or a percentage of your retirement plan, you maintain complete control over the assets while living, but at the time of your passing, the remaining assets pass to Fayetteville Academy free to both estate and income taxes.

Making a charitable gift from you retirement plan is easy. Simply fill out a change of beneficiary form obtained from your administrator and notify us. We can also assist you with the proper language for your beneficiary  designation to Fayetteville Academy.

A bequest is a gift that comes directly to Fayetteville Academy upon your passing. It’s flexible in that it can be revised at any time as your circumstances change. An outright bequest is fully deductible for estate tax purposes.

The most common and useful bequest is an unrestricted bequest, allowing Fayetteville Academy to use your gift wherever needed. However, if there is a particular area you wish to support, the Planned Giving Office will work with you to help ensure that your request is directed appropriately.

A residual bequest comes to us after your estate expenses and specific bequest are paid:

I give and devise to Fayetteville Academy, located in Fayetteville, NC, all (or state a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used where it determines the need is greatest for support of a specific fund or program.

Naming us as a beneficiary of a specific amount from your estate is easy:

I give and devise to Fayetteville Academy, located in Fayetteville, NC, the sum of $__ to be used where it  determines the need is greatest for the support of a specific fund or program.

Securities Initiation Instructions can be found here.