IRA

List of 4 items.

• Bequest

  With the help of your attorney, you can include language in your will or trust specifying a gift to Falmouth Academy as part of your estate plan. Including Falmouth Academy in your will or trust is as easy as adding, “To Falmouth Academy at 7 Highfield Drive in Falmouth, Massachusetts, I leave _____.” 
  
  Bequest Types
  

  • Percentage bequest: make a gift of a percentage of your estate
  • Specific bequest: make a gift of a specific dollar amount or a specific asset
  • Residual bequest: make a gift from the balance or residue of your estate
  • Contingent bequest: make a gift from your estate if the purpose of the primary bequest cannot be met

  
  Ways to Leave a Bequest
  

  • Include a bequest to Falmouth Academy in your will or trust
  • Designate FA as a full, partial or contingent beneficiary of your retirement account (IRA, 401(k), 403(b) or pension)
  • Name FA as a beneficiary of your life insurance policy
  • Other bequests, such as those involving retirement assets, insurance policies, bank accounts and stocks and bonds, are typically made by completing the appropriate beneficiary designation form. See "Beneficiary Designation Gifts," below.

  
  Unrestricted planned gifts are customarily directed by the Board of Trustees toward the endowment for the fiscal sustainability of the school.

• Beneficiary Designation Gifts

  Designate Falmouth Academy as a beneficiary of a retirement, investment or bank account or your life insurance policy. Beneficiary designation gifts are among the most flexible of all charitable gifts, and are a simple and affordable way to support Falmouth Academy. With this type of planned gift, you can avoid expensive legal fees, reduce the burden of taxes on your family, and receive an estate tax charitable deduction.
  
  Benefits
  

  • You can name FA as a "full" or "partial" beneficiary of your account or life insurance policy, and as a "primary" or "contingent" beneficiary.
  • You can take distributions or withdrawals from your retirement, investment or bank account and continue to freely use your account even after you complete a beneficiary designation form.
  • You may change your beneficiaries at any time. 

  
  Next Steps
  

  • Contact the individual who helps you with your account or insurance policy, such as your broker, banker or insurance agent.
  • Ask them to send you a new beneficiary designation form.
  • Complete the form adding FA as a beneficiary, sign it, and mail it back to your broker, banker or agent.

  
  When you pass away, your account or insurance policy will be paid or transferred to Falmouth Academy, consistent with the beneficiary designation.

• Qualified Charitable Distribution

  Individuals who are 70^1/2 years of age or older may make a Qualified Charitable Distribution (QCD), which permits annual direct transfers to Falmouth Academy totaling up to $105,000 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.
  
  See our IRA Charitable Giving page for more details about this planned giving option.

• Life Income Gifts

  Life Income Gifts such as a Charitable Remainder Trust can provide you tax advantages, an income in your lifetime, and a sizable legacy gift to Falmouth Academy. 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.
  
  Always consult your own trusted financial advisors and tax attorneys for the most up-to-date information about these planned giving opportunities.