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Beneficiary Designations Are Easy and Flexible

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Download our FREE guide Beneficiary Designations: The 3 Easiest Ways to Leave Your Legacy. View My Guide

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 Inland Northwest Community 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 INWCF you wish to support, or contact us to establish a future fund at INWCF 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

Older couple smilingRobert 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 INWCF a $75,000 IRA to be transferred following their lifetime to establish a new fund at INWCF. Because INWCF is tax-exempt, all $75,000 will help support the community.

If Robert and Carol had left the IRA to their children, approximately $21,000* would have gone to pay federal income taxes-leaving only $54,000 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 28 percent marginal income tax bracket.

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Next Steps

  1. Contact PJ Watters at 509-624-2606 or pjwatters@inwcf.org for additional information on beneficiary designations and how they can help support INWCF with our mission.
  2. Talk to your financial or legal advisor to learn which assets will or will not trigger taxable income when paid to a beneficiary.
  3. If you name INWCF in your plans, please use our legal name and federal tax ID.

Legal Name: Inland Northwest Community Foundation
Address: 421 West Riverside Avenue, Suite 606, Spokane, WA 99201-0405
Federal Tax ID Number: 91-0941053

Contact Us Today

421 W. Riverside Ave.
Suite 606
Spokane, Washington 99201
(509) 624-2606

A charitable bequest is one or two sentences in your will or living trust that leave to Inland Northwest Community 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 INWCF. 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 gift 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 receive an immediate federal income tax charitable deduction. 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 INWCF as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 INWCF 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 INWCF where you agree to make a gift to INWCF 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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