Planned Giving/Bequests

These types of gifts include life income trusts, bequests, real estate, gifts of other tangible personal property, closely held stock, life insurance, and remainder interest in your home. Each gift qualifies for a tax deduction but each is subject to special rules on valuation. For more information, please contact the Alumni and Development Office at 727-343-3678 or by email at csmith@farragut.org.  In all cases, the information presented is not intended to serve as financial or legal counsel for estate planning.  In order to maximize benefits, a tax consultant and estate planning financial advisor should be consulted.

Making a Bequest to the Admiral Farragut Academy Foundation
In addition to being one of the simplest ways to distribute your estate, your will can be a superb vehicle through which to make a charitable gift to the Admiral Farragut Academy Foundation. The Foundation can be named as a beneficiary through a will or an amendment to the will. This amendment, called a codicil, means the entire will does not have to be redrafted.

The following are types and examples of bequests:

Residual bequest: A residual bequest is used to give a portion of the estate property after all debts, taxes, expenses, and other bequests have been paid.
Example: I give the rest or residue of my estate (or a stated percentage of the residue) to the Admiral Farragut
Academy Foundation, Inc. ,  a nonprofit corporation qualified under Section 501 (c)(3) of the Internal Revenue Code, located in St. Petersburg, Florida - to be used for its exempt purposes.

Specific bequest: A specific bequest is another way to make a charitable gift through your will. This bequest allows you to specify a dollar amount or a specific item of personal property.

Example: I give $100,000 to the Admiral Farragut Academy Foundation, Inc. a nonprofit corporation qualified under Section 501 (c)(3) of the Internal Revenue Code, located in St. Petersburg, Florida,  to be used for its exempt purposes.

Summary
A donor's prime motive for giving to AFA is to further the work of educating young people. Having decided to contribute, however, you will want to plan your gift for maximum tax benefits. The effect of the charitable deduction on income taxes, capital gains taxes, and gift/estate taxes not only reduces the out-of-pocket cost of your gift but, in many cases, allows you to give more than you originally thought possible.

IMPORTANT DOCUMENTS:

Codicil for Bequest Gift to Admiral Farragut Academy or the Admiral Farragut Academy Foundation, Inc.

Admiral Farragut Academy Codicil Agreement

        *Please be sure to indicate the location of your planned gift on the codicil document