Leave a Legacy at The Lovett School
The Lovett School Legacy Society is a group of donors who have included Lovett in their wills or other estate plans. Their gifts provide essential financial support for the school's future. From cash donations to bequests left to us through a will, each contribution makes a positive difference in the educational opportunities we are able to provide. Legacy giving, or planned giving, allows donors to "leave a legacy." It allows donors to have an impact on Lovett beyond their lifetime.
We would like to thank all of our friends and families who have included Lovett in their wills or other estate plans. Their gifts provide essential financial support for the school's future and assure them membership in The Lovett School Legacy Society.
As chairman of The Lovett School Legacy Society Committee, Rob Jordan leads a group of dedicated volunteers who work hard to enhance the visibility and understanding of and participation in The Lovett Legacy Society. He's a 1987 graduate and the parent of current seventh- and eighth-graders.
"These children graduate totally developed from a spiritual standpoint and a character standpoint," he says. "Their social skills are amazing, and then they've got the academics. It's really all the phases that you as a parent want your child to have developed when they come out of high school."
"Part of the attractiveness for the donor is you're not writing a check. You're putting Lovett in your estate plan on some level," says Rob, who became a Legacy Society member in 2008. "I also think it's attractive to people because it's a longer-term gift. I think people really like the idea that Lovett is a part of their legacy."
Raising the Bar
Rob says he's been even more impressed with Lovett in recent years, and maintaining its quality is one of the reasons he's involved in The Lovett Legacy Society.
"For any school trying to operate at a high level takes funding. I think that The Legacy Society is another way that the school can reach out to people in an appropriate, effective way to increase the endowment for the long term," he says. "That endowment is going to allow the school to maintain the facilities, offer programming, and attract and retain quality faculty necessary to keep the school at an extremely high level for generations to come."
In February 2000, in memory and honor of Evelyn Lovett Kling, a fund was established as part of The Lovett School's endowment through a planned gift from Joseph W. Kling, husband of Evelyn Lovett Kling and father of Joe. Mr. Kling established a charitable trust in 1994, which provided him with income during his life and funded the gift to Lovett upon his death in 2000.
The Evelyn Lovett Kling Scholarship Awards are based on merit alone and are presented to a rising 6th and 7th grader each year.
During the Kling family's visit, they were able to get a picture with some of the scholarship recipients. Pictured here: back row (L - R): Joe Kling 'LL, Nancy Kling (Joe's wife), and David Kling (their son). Front row (L - R): Kling Scholars - Reid Edelstein '19, Hunter Fankhauser '20, Elizabeth Collingsworth '19, Mia Skaggs '18, and Julian Young '19.
Susan Calahan '87 is a Lovett parent and active member of the Lovett community. She has held leadership Auction positions; served as a grade rep and room parent for several years; and served as past president and current member of the Alumni Executive Board. She is also a Charter Member of the Lovett Legacy Society and member of the Lovett Legacy Society Committee. Susan described why legacy giving to Lovett is so important:
"I attended Lovett for 14 years. When you're somewhere for that long, it becomes more than a place where you go to school, it's a place where you feel at home. The people I met while at Lovett became, and continue to be, my family. My Lovett experience shaped me into the person that I am today. I wanted that same kind of experience for my children. That's one reason why the endowment is so important to me. I want Lovett to be as great for my children as it was for me when I was there."
"Joining the Lovett Legacy Society is easy," Susan continued. "For us it was by making Lovett a beneficiary of a life insurance policy. But there are other simple, yet meaningful, ways to make a planned gift to Lovett."
"Making a legacy gift to Lovett made sense to me, because what could be more important than ensuring the legacy of my alma mater and my children's school?"
Lovett alumnus Bailey Izard '81 and his wife, Kerry, met in New York City when both worked on Wall Street as investment bankers. After moving back to Atlanta and starting a family, the Izards joined the Lovett community as parents in 2004 when their oldest child, David, enrolled in kindergarten. Since then, sons Mack '19 and George '22 have joined the Lovett community, and the Izards welcomed a fourth son, James, into their family in 2008.
Amongst this active household, the Izards have found a way to support Lovett through a disciplined "investment" of time, talent, and treasure.
Bailey, a principal at Bernstein Global Wealth Management, has been an active Lovett alumnus. He has served as a member of the school's 75th Anniversary Campaign's Major Gifts Committee, the 2004-05 New Parent Capital Campaign, and the Headmaster's Strategic Planning Advisory Committee. Currently, Bailey chairs the Legacy Gifts Committee, a position he has held for two years. Kerry, who is managing partner of Gallatin Partners, LLC, has taken her turns as room parent, chair of an LPA Auction committee, and volunteer for numerous school events. The Izards have also served as Lower School Grade Representatives.
The Izards have been active with other causes and institutions, as well. Kerry currently is a board member of the Farmer's Market at The Cathedral of St. Phillip and previously has served as board chair for the Alzheimer's Society and Artemis at Fernbank Museum. Bailey is the current board chair for the Georgia Conservancy and the former board chair of the Jekyll Island Foundation.
"The Izards are an excellent example of the type of alumni and parents who make schools like Lovett and other civic organizations successful," says Lovett Headmaster Billy Peebles. "They are strong advocates whose involvement in the school has extended far beyond the classroom!"
The school is indeed grateful for the Izards' participation and financial support. While the Izards' record of giving to Lovett's Annual Fund covers 23 consecutive years and includes generous participation in three capital campaigns, they are particularly passionate about their Lovett Legacy Society membership. The Legacy Society honors benefactors who have created bequests and other planned gifts for Lovett, regardless of amount.
When updating their will in 2009, the Izards included a bequest to Lovett. Bailey and Kerry feel this legacy of support, which will outlast them, is the strongest statement they could make about Lovett's mission and impact. "Making a legacy gift represents a sound investment that will provide benefit to Lovett that survives us. It was surprisingly easy and inexpensive to implement." says Bailey. "And, since the ‘investment' we have made won't mature ‘before we do,' it provides us with the flexibility to make an additional commitment of financial support to Lovett consistent with our current economic reality."
Bailey adds, "Lovett has been and will continue to be an important part of both my life and our family's. I imagine that plenty of other parents, alums, parents of alums, and grandparents would derive great satisfaction, as we have, from including a gift to Lovett in their estate plans, particularly once they realize how easy it is to implement."
Kerry emphasizes that, as they adjust their plans in future years, "Lovett will always be there in our planning. By including the school now, we will be reminded to include it in versions yet to come."
Lovett realizes that an estate gift is the ultimate statement of dedication and loyalty, and we are thankful for and honored by Kerry and Bailey's generosity. We are pleased to work with them to perpetuate a lasting legacy for generations to come.
Lovett School Director of Alumni Relations Anne Brandau Fuentes has been a part of the Lovett community for more than 40 years. She came to Lovett in 1969 and, since then, has filled a number of roles, including Upper School teacher of history, religion, and Latin; cheerleading and tennis coach; and Model United Nations advisor, class advisor, and National Honor Society sponsor. Anne became director of alumni relations in 1985 and oversees all alumni activities and programs, such as Career Night, Run 'n Lovett, Homecoming, and out-of-town reunions. She is well-known as a walking encyclopedia of school history; if you have a question about a Lovett family or a former faculty person, Anne will know the answer-and then some!
Thinking back on her decision to make a legacy gift to Lovett, Anne says, "Planned giving is so important for the life of any independent school. At the time I decided to turn over my insurance, Lovett's Legacy Society was not very strong, so I wanted to help set an example."
The Eva Edwards Lovett Legacy Society now has 116 members and a volunteer Legacy Giving Committee is working to increase awareness of and participation in the Legacy Society. Oftentimes, legacy giving is thought of as a complicated process, but it can be as simple as adding a brief codicil to one's will or transferring ownership of a life insurance policy. One of the advantages to legacy giving is that gifts set up now have the potential to grow and deliver an even bigger impact in the future-an example being the value of Anne's life insurance policy, which has grown over the years.
Anne's support of independent school education is not limited to Lovett. She has also made a legacy gift to her alma mater, Isidore Newman School in New Orleans. Her contributions outside of schools include work as a board member for the Atlanta Humane Society, JumpStart Your Career, and the Castine Historical Society in Castine, Maine.
Anne's knowledge of and involvement in the Lovett community have been beneficial to the school in many ways. While teaching and inspiring hundreds of students is a gift in its own right, by making a planned gift Anne has guaranteed that her legacy—in the form of a stronger endowment—will live on.
As an advertising executive, C. Knox Massey Jr. spent much of his time putting a creative touch on product and company presentation. Despite retiring from Tucker Wayne & Company in 2000, Knox continues to use his creativity in his and wife, Mary Ann's, support of Lovett. The Masseys are the parents of three Lovett alumni: Elizabeth Massey '79, C. Knox Massey III '81, and Louise Massey '83. They are also grandparents of current Lovett students Knox Massey IV '19 and Lilly Massey '22.
The Masseys support Lovett, but they also are heavily involved in another favorite educational institution, the University of North Carolina at Chapel Hill, where Knox, Mary Ann, and their children attended. The Masseys' activism and generosity does not end with educational institutions. Mary Ann and Knox have both been active with several community organizations, which they have served and supported in many ways.
To achieve a range of philanthropic goals at Lovett and other institutions, the Masseys have, over the years, used a number of charitable giving techniques and maximized various tax incentives. Their creative giving has allowed for the school's needs and Knox and Mary Ann's interests and goals to come together to do good. Such an approach benefits the Masseys in the immediate and long term, while allowing them to support Lovett. In 2000, the Masseys were the first family at Lovett to endow their Annual Fund gift in response to a new initiative launched by the school. Soon after, they created the C. Knox Massey Jr. Family Character Education and Community Service Endowment Fund, a significant funding source for Lovett's annual budget for these programs.
In 2006 and 2008, Knox directed funds from an IRA to Lovett, a tax-wise move made possible by a special law that expires December 31, 2009. The law allows those at 70½ years of age and older to make distributions up to $100,000 to certain charitable entities without adding to one's taxable income. There is no tax deduction, but the charitable distribution qualifies as the required distribution one must take from an IRA after age 70½. Funds from these gifts allowed the school to pursue several important projects, including a critical strategic plan study of Advancement Office operations.
As the Masseys reviewed their assets and plans for the future, Knox and Mary Ann realized they had several life insurance policies that were no longer needed. They gifted those policies to Lovett by naming the school as the owner and beneficiary of the policies. The Masseys received a tax deduction equivalent to the cash value of the policies; the school surrendered them at present value and the proceeds were credited toward the Masseys' capital and endowment pledge. Lovett has also been named a beneficiary of an IRA account, which was set up by Knox. This takes an asset that is less easily passed on to family and uses it to accomplish charitable testamentary goals, while other assets are directed to non-charitable goals.
Lovett is indeed very grateful to and for the Masseys' devotion to Lovett and their thoughtful and creative approach to charitable giving. This creativity allows them to provide some immediate benefits to institutions they care about deeply, to see their gifts in action now, meet their own financial and planning goals, and to leave a legacy that will exist in perpetuity.
Sallie Adams Daniel is truly a model Lovett alumna. A member of the Class of 1968, Sallie has served the school in a number of ways. Currently a member of The Lovett School Board of Trustees and the Planned Giving Steering Committee, she is also a past president of the Alumni Association (1990-91) and has served as the 1968 class representative for 20 years. Sallie was chair of the Community Life Strategic Leadership Team, which helped in developing the school's current strategic plan, Excellence in Learning, Character & Community. She also put in many hours during the formative years of Breakthrough Atlanta, then known as Summerbridge Atlanta, when she served as its inaugural board chair.
Lovett is particularly proud to claim Sallie as an alumna and school leader because she is the epitome of the servant leader. She stands out in Atlanta as an active, hard working achiever; an exemplary citizen; and an advocate for many worthwhile causes. After a distinguished career in the banking industry, Sallie is now the chief development and diversity officer at Troutman Sanders, a major law firm. She credits her leadership role with the Lovett Alumni Association as the major inspiration that stirred her interest in community involvement.
Sallie has been and continues to be active in many organizations, including, among many others: chair, Fulton County Arts Council; chairman, Atlanta College of Art Board; board member, Latin American Association; board member, Leadership Georgia; executive committee/board member, Midtown Alliance; and program chair and board member, Leadership Atlanta. She has also received a number of civic awards, including the Morehouse School of Medicine's Salute to Excellence Award (1997); YWCA Salute to Women of Achievement Award (1997); Women Looking Ahead Racial Justice Award in (1998); Distinguished Alumna, The Lovett School (1999); Business to Business magazine Woman of Excellence Award (2005); and High Heels in High Places, Trumpet Awards (2008).
In keeping with her model of active leadership, Sallie made a planned gift to Lovett in 1987, when she named Lovett as a beneficiary in her will, which helps lower the value of her estate. In 2001, as part of the 75th Anniversary Campaign, Sallie added a $100,000 life insurance policy to her Lovett legacy. Sallie's plans also include a fund at the Community Foundation of Greater Atlanta and a charitable remainder trust to ultimately benefit Lovett and other nonprofits that are close to her heart.
Using multiple vehicles and designing a plan to benefit Lovett and other charities, Sallie is being very strategic and tax-wise. The annual life insurance premiums are tax-deductible and the inclusion of Lovett, the community foundation, and other tax-exempt entities in her will and estate plans will reduce taxes on her estate. Sallie's simple but effective plans will help maintain, in perpetuity, many of the organizations for which she has labored so long and so effectively and it will allow her legacy of service to live on.
If you ever bought a life insurance policy, you probably did so to ensure the financial stability of your family should something happen to you or your spouse. But life insurance can be a tool with many purposes. Believe it or not, some of the most satisfying uses for life insurance policies are connected with charitable giving!
If you have a life insurance policy you no longer need, one option is to contribute it to a charitable cause, such as Lovett; the existing cash value is tax deductible. If you are younger, or simply wish to leverage smaller annual payments against a more significant long-term gift to your alma mater, you can also establish a new insurance policy with the school as owner and beneficiary. That's just what David H. Fosgate of Lovett's Class of 1992 did. David established a whole life policy with a death benefit of $100,000, payable in small annual premiums. Thus, he is able to make a larger gift than he would otherwise be able to do at this time in his life-mid 30s, growing career, and a young family.
As a financial planner with Peachtree Planning Corporation and a member of Lovett's Planned Giving Committee-which encourages others to make a planned gift to the school-David knew that, for him, a life insurance policy was the perfect gift vehicle.
"As a consistent participant in Lovett's Annual Fund, I wanted my annual contribution to start having a more meaningful impact for the school," David explains. "Remembering recommendations that I make to my own clients regarding different assets that they should include on their personal balance sheets, I knew permanent life insurance to be one of the most efficient, versatile assets a person can own. Because Lovett is the owner, I preserve the tax-deductibility of the gift I was already making. In the worst-case, disability or premature death, a lifetime of gifts I intend to make over many years is self-completing. Moreover and just like my sophisticated clientele, Lovett has an asset on their balance sheet that is a tax-shelter, has guarantees and can be leveraged as working capital at any time."
In addition to his planned giving work, David is active with Lovett as both a class agent and a past presenter at Alumni Career Night. He and his wife, Jenny, live in Buckhead with their daughters: Harper, a Lovett kindergartner; Dory, age 3, and Elsie, age 10 months.
John Morgan Darden III and his wife, Lyn, are devoted supporters of The Lovett School. Their two children attended Lovett from grades 7-12, with Morgan graduating in 1982 and Cooke in 1985. To Lyn and John, Lovett has not only been an important part of their family, but an important part of the Atlanta community, as well. They see both the immediate and the long-term impact of the school on their children and the many others it serves.
The Dardens recognized that teachers, coaches, and other staff who devote themselves to their students on a daily basis over many generations are at the heart of the Lovett experience. They wanted to help continue this tradition of excellence in the Lovett community and thus made plans to create an endowment fund to support the attraction, development, and retention of great faculty members. Increasing the school's endowment for this very purpose is a key component of Excellence in Learning, Character & Community: Lovett's Strategic Plan for 2007-2011.
Because John also has strong connections to his own independent school alma mater, Virginia Episcopal School, he wanted to include both educational institutions as he considered his estate plans. His Individual Retirement Account (IRA) was the perfect vehicle to maximize benefits to both schools and the amount of assets to other parts of his plan.
Both Virginia Episcopal School and Lovett have been named as beneficiaries of John's IRA at his death. However, John is planning to begin funding his gifts in 2010 at a rate that will be the equivalent of what his planned gifts will eventually produce as part of the schools' endowments. This will allow the schools to begin creating opportunities for faculty and staff sooner rather than later, and for John to see the impact of his gift.