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The Westwood Land Trust (WLT) is a 501(c)(3) public charity. Contributions
to WLT are eligible for charitable income, estate and gift tax deductions
to the fullest extent allowed. Individuals and corporations should
consult their tax advisors, since specific tax benefits may vary depending
upon circumstances and AGI limitations
I.
Gifts
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Cash
- A donor may deduct cash gifts to WLT (subject to the 50% AGI limitation).
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Stock
or Mutual Fund Shares - For securities owned more than one year,
a donor may deduct the full fair market value (subject to the 50%
AGI limitation) and avoid capital gains taxes on the donated shares.
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Real
Estate
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Entire Fee Interest
- Subject to WLT's approval, a donor may give residential or
commercial property to WLT. Properties that do not have open
space value or that are located outside of Westwood would be
sold and the proceeds used for land protection in Westwood.
The donor would receive an income tax deduction for the full
fair market value of the property (subject to the 30% AGI limitation
for donations of appreciated property). The donor would completely
avoid capital gains taxes on the property.
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Remainder
Interest. Subject to WLT's approval, a donor may give WLT
a remainder interest in his or her home, vacation home or other
real property and retain the right to use the property during
the donor's lifetime. The donor would be responsible for property
taxes, insurance and maintenance expenses during his or her
lifetime. The donor would receive an income tax deduction for
the property's fair market value reduced by the value of the
donor's retained life estate.
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Development Rights.
A donor may give WLT a conservation restriction limiting the
right to develop some or all of the donor's Westwood property.
The donor would receive a charitable deduction equal to the
value of development rights, subject to the 30% AGI limitation
for gifts of appreciated property. A donor could also sell his
or her development rights to WLT for less than full value and
would receive a charitable deduction for the "bargain" portion
of the sales price.
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Charitable
Trusts and Donor-Advised Funds. A donor may designate WLT as
the beneficiary of a charitable trust, including a private foundation,
charitable remainder trust or charitable lead trust. A donor may
also designate WLT as the recipient of his or her donor-advised
fund.
II. Wills,
Bequests, Beneficiary Designations
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Bequests. A donor may designate WLT as a beneficiary of his
or her will or living trust. The bequest can consist of specific
assets, a dollar amount or a percentage of the estate or trust.
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Life Insurance. A donor may name WLT as the primary or contingent
beneficiary of part or all of his or her life insurance policy.
The donor's estate would receive an estate tax deduction for life
insurance proceeds distributed to WLT.
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IRAs
and Retirement Plans. A donor may name WLT as the primary or
contingent beneficiary of part or all of his or her IRA or retirement
plan. Retirement assets left to someone other than the donor's spouse
may be subject to both income tax and estate tax. A non-charitable
beneficiary may receive less than 10% after taxes. Both taxes would
be completely avoided if the retirement plan were left to WLT.
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