Fall 2020 Opening of School Information for Phillips Academy Families

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May 28, 2020

5 Things You May Not Know about Legacy Giving

Looking to make a generational impact at Andover? Consider a legacy gift. Complicated? Actually, no. Here’s the scoop.

1. Legacy gifts are for all ages.

It’s true. Many people include a bequest for Andover when creating their will, often first written in their 30s. Or they add a simple one-page amendment (a codicil) to an existing will. At any age, you can also name PA as a partial beneficiary of a retirement plan or life insurance policy. Even designating 1 to 5 percent to Andover can be powerful.

2. All sizes make a difference.

A common misconception is that planned gifts are all million-dollar contributions. Not so. The Academy has received numerous gifts from $1,000 to $100,000. Whatever the size, donors can support what they love most about PA—from financial aid to athletics to academic excellence.

3. These gifts give back.

Options and advantages abound: charitable gift annuities (CGAs) offer substantial tax benefits and a secure, fixed lifetime income. IRA rollovers are excluded from taxable income and apply toward your required minimum distribution. Plus, when donating appreciated stocks or mutual funds, you avoid capital gains taxes.

4. Nothing is written in stone.

Most legacy gifts are revocable to give you flexibility. You can adapt your charitable plans without penalty or fuss as your life changes.

5. The name says it all.

Legacy gifts are called such for a reason. They help donors leave a lasting mark at the Academy in a way that is special for them. And every legacy gift ensures Andover’s long-term financial health, enabling PA to plan its future with confidence.

Learn more at andover.edu/yourlegacy or contact Director of Gift Planning Grace E. Curley ’81, P’20, at 978-749-4281 or gcurley@andover.edu.

Originally printed in The Vista: Views from the Knowledge & Goodness Campaign, spring 2020.

Categories: Philanthropy

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5 Things You May Not Know about Legacy Giving

Looking to make a generational impact at Andover? Consider a legacy gift. Complicated? Actually, no. Here’s the scoop.