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Show November 18, 1994 Cross Currents Page 9 v LAND o Here Comes Continued from page 8 except ones of biological importance, such as an exceptionally good wildlife habitat, says the Nature Conservancys Joel Tuhy. Moab resident Jack Campbell, who has been vocal in the formation of a land trust, says, This area needs one that goes way beyond wildlife habitat. He says that most of the community supports land trusts, but there is just not enough money to operate one. Meanwhile, he works toward proper development through planning and zoning laws. So how do you go about protecting your land? There are several options. Besides the conservation easement, in which you give up some of the rights associated with the land, a land donation to a land trust may provide a substantial tax deduction and estate tax benefits. You no longer have the responsibility of managing the land, and you have the security of knowing the land is protected. However, if you want to continue living on the land for some time yet, you could donate a remainder interest in land. Called a reserve life estate, you continue to live on your property until you, or those you have specified, die or release their life interests when the land trust then receives full title and control over the property. Plus, you may be eligible for a tax deduction when the gift is made. You can also donate land by will so that you can continue to own and control your land while living, but you will have the assurance of its protection after your death. In a charitable gift annuity, you can transfer certain property to a charity, which agrees to make regular annuity payments to one or two beneficiaries you specify for life. Or, you may want to consider a charitable remainder unitrust. You place the land in a trust, first putting a conservation easement on it if it is to be protected. Then the trustee sells the land and invests the net proceeds from the sale. Strapped for cash but still want to see the land protected? Consider selling the land to a land trust for less than its fair market value. In a bargain sale, you avoid some capital gains tax, and it entitles you to a charitable income tax deduction. Executive Director Katharine Roser of the La Plata Open Space Conservancy sees a tremendous potential for partnerships among land trusts, governmental organizations, and other groups to help preserve the land. We all have to take advantage of every opportunity for partnership in solving the bigger problems. (Joanne O Keefe is a freelance writer who lives in Farmington.) Sunwest Santa, Ready To Lend You Money From His Sleigh Full of Cash! Sunwest Santa is flying high for the holidays with bags of money to lend for holiday gifts, entertaining, travel, or other seasonal expenses such as college tuition and taxes. We have a rate of interest, terms of repayment and monthly payments that will warm the holidays for your family. . Just complete the form below and return it in person to a Sunwest office or mail it to us; Sunwest Bank, RO. Box 560, Farmington, N.M. 87499. We'll call you 1 back, ask some additional questions, and upon qualifying for your Sunwest Santa Loan, we'll rush the cash you want, just in time for the holidays. SUNWEST SANTA LOAN REQUEST $ Amount you wish to borrow Your Name: Your daytime Your Address: phone number: Name, if any: Date of Birth: State City Zip Employer: Your Date of Birth: Monthly Salary: Your Social Security Number: Job Title: : Length of Employment: Your Employer: Job Title: Social Security Number: Length of Employment: Signature: Monthly Salary: RentOwn: Monthly payment: Your Signature: Date: O' BANK member Farmington: 2200 E. Main 7 1 9 W Main FDIC Aztec: 4 1 2 Post Office Square |