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|Subject: Protected trust||Date: 6/13/1998 12:27 AM|
|Author: JoeSchmoe||Number: 3771 of 81360|
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..
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