Just as we at The Friends School of Atlanta talk about “the light within” each student, and indeed within each member of the FSA community, we also are concerned with safeguarding that light in our students and alums over time. Toward that end, the Legacy of Light Society includes friends of FSA who have included the school in their estate planning. Unless otherwise designated, planned gifts such as bequests and charitable remainder trusts support FSA’s endowment fund, called the Legacy of Light Fund, ensuring the long-term financial health of the school, and therefore the cumulative effectiveness of sending students into the world with conscience, conviction and compassion for many generations to come. A planned gift is an excellent way to leave a legacy of light, born of respect for each student and an enduring commitment to offering Quaker education in the metro Atlanta community. In addition to benefiting the school, planned gifts can also be structured to benefit the donor and/or the donor’s heirs as well. Just a few planned gift options include:
- Bequest, whereby a donor includes FSA in his or her will as beneficiary of a designated amount, a property, one or more securities or even an entire estate. A bequest can be made either for a designated purpose, per the wishes of the donor, or without restriction. In addition to providing a generous gift to FSA, a bequest can also reduce estate taxes, where appropriate.
- Gift of Retirement Assets, making a significant contribution to The Friends School of Atlanta and eliminating or greatly reducing taxes owed. When you or your spouse leave an IRA, 401(k), 403(b) or Keogh to your heirs or your estate, the funds are subject to both estate taxes and then to income taxes as money is withdrawn. If you name FSA as beneficiary of your retirement plan, the principal amount of your account is not reduced by income or estate taxes, but instead is used to support Quaker education in Atlanta.
- Gift of Life Insurance, naming The Friends School of Atlanta as beneficiary.
- Charitable Remainder Trusts, enabling donors to create a variety of trust funds, naming FSA as beneficiary, that continue to benefit the donor and/or the donor’s heirs while generating substantial tax savings in the year donated. FSA would receive the principal of the trust after a specified period of time.