Where can go to respectfully get rid of an American flag?

I put my flag out yesterday for the holiday – probably for the last time. It’s fading (the red in particular) and it has been out and waving for so many years that the cloth is beginning to fray and tear on the far right side.

I have no problem getting a new one – but I want to respect the old one. I don’t want to dump it in the trash or anything like that.

Where does one go to respectfully get rid of a faded and torn American flag?