Turn Your Treasures Into a Charitable Legacy

Your treasures like valuable antiques, stamp and coin collections, works of art, cars, boats and other personal property can make suitable charitable gifts today or after your lifetime. The financial benefits of the gift depend on whether your estate can sell the property so we can add the proceeds to your charitable fund at Innovia Foundation.

Only related use property-e.g., a piece of artwork we would display or a building we would occupy-is deductible at the full fair market value. Any other property is deemed nonrelated use property and the deduction would be limited to the lesser of fair market value or your tax basis in the property.

If the federal income tax charitable deduction claimed for a gift of tangible personal property exceeds $5,000, you must obtain an appraisal from a qualified appraiser and submit a special IRS form with the tax return on which the deduction is claimed.

Ways to Use Property as a Donation

An outright gift. This allows you to get started with your charitable fund today and receive a federal income tax charitable deduction when you itemize.

A gift in your will or living trust. You can leave a legacy at Innovia Foundation by donating property to us through your will or living trust.

A memorial or tribute gift. If you have a friend or family member whose life has been touched by one or more charities, consider establishing a fund at Innovia Foundation in his or her name to benefit those charities.

An endowed gift. Create an endowment or contribute to one that is already established to ensure that your support for your favorite charitable causes will last forever.

A charitable remainder trust. You may be able to contribute tangible personal property to a charitable remainder trust (CRT), provided you have a qualified appraisal of the property. You receive an immediate tax deduction for your gift to a CRT. You also reduce or avoid capital gains taxes associated with the gifted property. Once the property is sold, you—or your named beneficiary—receive income from the trust. When the trust's term is complete, the remaining assets are added to your fund at Innovia Foundation to support your charitable objectives. Additional contributions of cash or appreciated securities may be necessary to cover expenses until the property is sold.

A donor advised fund. Gifts to donor advised funds are not limited to cash and securities. Tangible personal property such as valuable antiques, stamp and coin collections, art, cars and boats may be able to be gifted and sold to benefit your fund.

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

Next Steps

  1. Contact PJ Watters at 509-624-2606 or pjwatters@innovia.org for additional information on giving a gift of personal property.
  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: 421 West Riverside Avenue, Suite 606, Spokane, WA 99201-0405
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 Inland Northwest Community Foundation, Spokane, Washington ("INWCF"), 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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