Building a lasting legacy is about much more than assets. It’s about your unique values and what kind of mark you want to leave on the world. In our busy lives, the vital need to plan for the future can often take a backseat. Estate planning is something we know we should do, have great intentions of doing, and, yet, most of us are lucky if we even have a will.
So, ask yourself, what kind of legacy will you leave behind and how important is it to you? At Franklin Road Academy, we know that you have three primary concerns as you embark on the planning process.We call them
The Three L’s of estate planning
• Life after work –
This is the L for your own retirement.
Do I have enough money to live on the rest of my life?
• Loved ones –
This is the L for your children and grandchildren.
Will my heirs be taken care of when I’m gone?
• Legacy –
This is the L that reflects your values and defines your moral impact.
Will I have enough leftover for the charities I hold most dear?
We understand that these are the big three issues on your mind as you plan for your financial future. Therefore, FRA has launched a values-based charitable estate planning process, available free of charge to all of our families and friends. The fact is that your values naturally drive your estate planning, and we know that you desire to leave a legacy that goes beyond a bank account. So, FRA has contracted with one of the most respected charitable estate planning firms to assist you with this process.
Thompson & Associates is a leading provider of values-based estate planning services who will work with your family, regardless of where you are in the process. Whether you are just starting, have an existing will or charitable trust, or even a fully-executed estate plan, you will benefit from FRA Planned Giving.
What’s the catch
There isn’t one. FRA Planned Giving is a completely anonymous process and fully respects your privacy. As an FRA family or friend, you have demonstrated a desire to support our academy with your time, gifts or tuition. That’s why we are making this available to you. However, you are under no obligation to give to FRA at the end of the process, and FRA is not provided with any specific details on your planned gift, if any, to our academy.
Why do today what can be put off until tomorrow?
As a wage-earner, charitable donor and taxpayer, you know the answer to that question. There are a whole host of reasons to get started building your lasting legacy today. Upon completion, you will:
• Maximize the assets you will leave to your children and grandchildren
• Reduce your tax obligations, both now and upon your passing
• Fulfill your charitable intent based on your unique values
• Support the causes you hold dear, both today and long after you’re gone
“I feel very fortunate to have had the opportunity to go through the FRA Planned Giving process with Thompson & Associates. The process was very easy, convenient and thorough. As a result of the review, I am in the process of making several changes in my Estate Plan that will reduce my tax liability, therefore allowing more dollars to be passed to my designated beneficiaries.”
– Joe Bowen, Board of Trustees
Isn’t estate planning just for the wealthy?
Actually, no. That is a common misconception regarding the whole process. If you own a home, have life insurance, or maintain a retirement savings account, you can benefit from values-based estate planning. Thompson & Associates has worked with teachers, small business owners, doctors and all types of professionals, as well as families with sizeable charitable foundations.
Everyone can benefit from a sound process of:
• Listening to your needs, desires and goals
• Reviewing your current plan
• Clarifying your objectives
• Quantifying your assets
• Providing sound recommendations that meet your goals
• Assisting with implementation through your own attorney and financial advisor
How does the FRA Planned Giving process work?
The process takes place through approximately 3-6 private meetings with an individual charitable estate planner/attorney. At the end, you leave with a clear plan including dollar amounts that will go to your three L’s: Life after work (retirement), Loved ones (heirs) and Legacy (charities), and an estimated tax liability which is typically much lower than it would have been without charitable estate planning. As an example, retirement accounts may be hit with combined income and estate taxes that could be as high as 65% upon your death. If you go through the process for no other reason but to reduce your tax liability, it will be worth your time.
We hope you have found this helpful in explaining Franklin Road Academy’s planned giving initiatives. We encourage you to start today planning your legacy and maximizing your charitable impact. Our goal at FRA is to support your needs and timetables and to assist you in creating a plan that reflects your values as a donor. Please contact Angie Stiff, Director of Advancement, at 369-4633 or stiffa@franklinroadacademy.com to get started building your lasting legacy today.