The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Retirement Investing


Subject:  Protected trust Date:  6/13/1998  12:27 AM
Author:  JoeSchmoe Number:  3771 of 88498

This may be the wrong forum for this question, but:

I am interested in purchasing some land in Montana, Wyoming, North Dakota, South Dakota, or Idaho; maybe 5-10 acres, not as an investment, but as a possible retirement area.

However, I would like to be able to be 100% certain that this land will always be there. I have heard that it's possible to donate the land to a charity with the stipulation that I retain usage of the land until I die, at which point the charity owns the land. If I do this, is the donation tax deductible? If so, is it deductible now or when I die?

Second, and more importantly, is it true that in this situation, there is absolutely nothing that can take this land away? Hypothetically if I went bankrupt, owned money to everyone and his mother, etc... I would still have access to this land, correct?

Thanks for any help; I would like to make sure that I always have somewhere I can go to live..

Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us