Powerful and Simple Way to Support Our Work

Learn more about this simple gift by downloading your FREE copy of our informative guide Change Lives With Life Insurance. View My Guide

When the original purpose for a life insurance policy no longer applies—such as educating children now grown or providing financial security for a spouse—your policy can become a powerful and simple way to support our work. There are three ways to give life insurance to Innovia Foundation:

Name us a beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the policy holder. You can designate Innovia Foundation as the primary beneficiary for a percentage or specific amount that will be added to a fund you choose. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn't survive you.

Make an outright gift of an existing policy. You can name Innovia Foundation as owner and beneficiary of an existing policy. You qualify for a federal income tax charitable deduction when you itemize on your taxes. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift when you itemize.

Make an outright gift of a new policy. You can take out a new policy and irrevocably name Innovia Foundation as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for the younger donor. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift when you itemize.

Not Sure How to Begin Planning? Download our FREE Personal Estate Planning Kit

Next Steps

  1. Contact Innovia’s Gift Planning Team at 509-624-2606 or giftplanning@innovia.org for additional information on life insurance.
  2. Seek the advice of your financial or legal advisor.
  3. If you include Innovia Foundation in your plans, please use our legal name and federal tax ID.

Legal Name: Innovia Foundation
Address: 818 West Riverside Avenue, Suite 650, Spokane, WA 99201-0909
Federal Tax ID Number: 91-0941053

A charitable bequest is one or two sentences in your will or living trust that leave to Innovia Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

I , _____________, of ____________________ County, ______________State, declare this to be
[the First Codicil to] my Last Will dated ___________________. [I direct that paragraph __ of Article ___
of my Last Will to read as follows:] I give my estate [or ___ percent of the rest and remainder of my estate] [or $_____ from my estate] to Innovia Foundation, (Spokane, Washington), a Washington State nonprofit corporation, TIN 91-0941053.
This gift shall be added to [name of your endowment fund or other existing fund], a separate fund as described in the Fund Agreement of that name.

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is one you set up to be managed by a nonprofit organization, such as Innovia Foundation. When you donate to your fund, you receive a tax deduction. Then, you recommend distributions from your fund to charities. The full amount of your gift can be available to distribute, or your fund can be invested, and it will grow tax-free.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Innovia Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Innovia Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Innovia Foundation where you agree to make a gift to Innovia Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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