The 1866 Society and Planned Giving at Fay

The 1866 Society was established by the Board of Trustees to honor and thank those individuals who have supported Fay School through provisions in their estate plans. This may be accomplished through a bequest in a will, by a charitable trust or other deferred giving vehicle, some of which are detailed below. Named for the year of the School's founding, the 1866 Society reflects the donors' desire to honor the past of Fay School while sustaining the foundation of our community. Deferred, or planned gifts, can be structured as an important contribution to Fay for decades to come and at the same time, provide a beneficial investment for the donor with substantial tax-savings. Many alumni and parents have made planned gifts in the School's name. Members in The 1866 Society will be published in Fay's Annual Report in order to encourage others to follow their philanthropic example. You can learn more about planned giving vehicles by contacting Michael Beck, Assistant Head of School and Director of External Affairs at 508.490.8208.

Bequests:

A bequest is a gift of any amount or form made outright to Fay in a donor's will. If you have already made arrangements for a bequest to Fay School in your estate plans, please let the School know so that we can include you in the 1866 Society.

Stated Dollar Request
"I give and bequeath the sum of ____________________ dollars US ($___________) to the Trustees of Fay School, Southborough, Massachusetts.

Bequest of a Particular Asset
"I give to the Trustees of Fay School, Southborough, Massachusetts, all of my right, title, and interest in (insert description of property)."

Bequest of a Percentage of a Donor's Estate
"I give, devise, and bequeath the residue of my estate, real and personal, as follows: A percent( %) thereof shall be distributed absolutely to the Trustees of Fay School, Southborough, Massachusetts...."

Life Income Gifts

Charitable Remainder Trusts
There are several forms of Remainder Trusts, they all provide life income to the donor(s) and/or other named beneficiary (ies) for their lifetime(s). Upon the death of all beneficiaries the remainder interest of an asset's value is transferred to the School.

Charitable Gift Annuity
A gift annuity is the simplest and most popular of all life income arrangements. It is a contract between the donor and Fay wherein the School agrees to make fixed payments for the life of the designated annuitant(s) in exchange for the gift.

Pooled Income Fund
A pooled income fund is a type of charitable remainder trust that operates like a mutual fund. The donor's gift is invested with similar gifts from other donors, and assigned a unit share based on its percentage of the total fund. The interest derived from the fund (based on its unit shares) is paid to the donor and/or designated surviving beneficiary (ies) for their lifetime(s). Upon the death of all beneficiaries, the fund principle comes to the School.

Charitable Lead Trust

A lead trust is created when gifted assets are placed in trust for a period of years, with a specific amount of income being paid to Fay each year. At the end of the period, the assets return to the named beneficiary (ies).

Retained Life Estate

A donor can realize significant tax savings by giving his/her primary residence to Fay while retaining the right to remain in the residence for his/her lifetime.

Life Insurance

Gifts of "paid-up" life insurance are accepted by Fay. Life insurance may also be used to fund a retained income trust which will provide the donor and his/her named beneficiaries for their lifetime.

Questions, comments

Elizabeth Smith, Associate Director of Development 508.490.8410, email