Beneficiary Designations Are Easy and Flexible
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Many donors choose to make a gift in their will or estate plan. Others appreciate the increased flexibility of making a beneficiary designation in one of the following:
- IRAs and retirement plans
- Life insurance policies
- Commercial annuities
It only takes three, simple steps to make this type of gift. Here's how to name Innovia Foundation as a beneficiary:
1. Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
2. Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form. Notify us with the name of the fund at Innovia Foundation you wish to support, or contact us to establish a future fund at Innovia Foundation that will become active once the gift is received.
3. Return the completed form to your plan administrator, insurance company, bank or financial institution.
An Example of How It Works
Robert and Carol treasure the financial help they've been able to give their children and community over the years. The couple recently updated their will to leave stocks and real estate to their kids. They left Innovia Foundation a $75,000 IRA to be transferred following their lifetime to establish a new fund at Innovia Foundation. Because Innovia Foundation is tax-exempt, all $75,000 will help support the community.
If Robert and Carol had left the IRA to their children, approximately $18,000* would have gone to pay federal income taxes-leaving only $57,000 for their family's use. Robert and Carol are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.
*Based on an assumption of a 24 percent marginal income tax bracket.
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- Contact PJ Watters at 509-624-2606 or firstname.lastname@example.org for additional information on beneficiary designations and how they can help support Innovia Foundation with our mission.
- Talk to your financial or legal advisor to learn which assets will or will not trigger taxable income when paid to a beneficiary.
- If you name Innovia Foundation in your plans, please use our legal name and federal tax ID.
Legal Name: Innovia Foundation
Address: 421 West Riverside Avenue, Suite 606, Spokane, WA 99201-0405
Federal Tax ID Number: 91-0941053
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. If you do not currently have a professional advisor, please contact our office for a list of current professional advisors. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.