Leaving a Legacy: Making a Planned Gift

There are many ways an individual can contribute through his or her estate. Each method of planned giving can be tailored specifically to that person's needs and the needs of the recipient of the gift.

Planned gifts to Fork Union Military Academy make up a large percentage of our overall donations and by leaving a legacy to the Academy, you are once again "Securing the Promise" for future generations of cadets. 

Types of Planned Gifts

• Wills or Trusts - This is one of the most popular ways for making long-range gifts to the Academy. Some of the most commonly used methods of giving through a will include: a) stating a fixed dollar amount; b) giving a specific property; c) giving a percentage of the assets passing under one's will; and d) providing a gift to an institution from what is left over after providing to loved ones.
• Life Insurance - This is a great way to give to the Academy by naming FUMA as a beneficiary of a policy or assigning annual dividends to the school. Other ways include obtaining a new policy for the organization or donating a paid-up policy and designating FUMA as the beneficiary.
• Charitable Remainder Trusts (CRT) - This is a way for individuals to make a meaningful gift to FUMA and provide for their own future financial well-being. A donor places cash or certain assets into a trust and the Academy will benefit from this trust after the donor's death. This irrevocable trust is designed to convert an investor's highly appreciated assets into a lifetime income stream without generating estate and capital gains taxes. CRT's have become very popular in recent years because they not only represent a valuable tax-advantaged investment, but also enable you to provide a gift to the Academy.