Land Donation and "Trade Lands"
Allan Sloan's love of Overlook Mountain is reflected not only in his many paintings, but also in his gift of land to preserve flora and fauna for the enjoyment of all.
– Allan King Sloan (son of land donor Allan Sloan)
Donating undeveloped land to WLC is an excellent option for landowners who no longer use all or part of their land or don’t plan to pass it all onto their heirs. It also benefits landowners with large properties that require significant maintenance, since some of the land can be donated and some retained. Donating “trade lands,” or already developed commercial or residential property, allows WLC to sell the land and generate revenue for its conservation work.
Land can be given as an outright donation, whereby WLC becomes the immediate owner. This frees landowners from paying property taxes and eliminates capital gains taxes that would otherwise accrue if the land were sold. Because the donation is to a non-profit organization, the market value of the land is tax deductible.
WLC can also accept deferred land donations in any of four ways, all of which generate tax deductions:
- A reserved life estate or remainder interest donation.You donate your land to WLC during your lifetime, but reserve the right for you and anyone else you name to continue to live on the land. WLC acquires the land only when you and other named persons die or legally release interests in the land.
- A charitable gift annuity.You donate land to WLC and receive regular payments during your lifetime from WLC. Annuity payments can be made to your beneficiaries after you die.
- A charitable remainder unitrust. You put a conservation easement on your land and then place it in a trust. The land is sold and the proceeds invested. Beneficiaries receive annual payments from the trust for a fixed term or for life, after which any remaining funds are turned over to WLC.
- Bequest in a will. Upon your death, your land is donated to WLC, which then manages it according to the terms (if any) spelled out in your will. During your lifetime, you’re able to live on and use the land as you wish.