Landowners might also want to consider donating their land for conservation purposes. This is truly one of the finest legacies a person can leave to future generations. An outright donation of land to a land trust releases the landowner from the responsibility of managing the land and can provide substantial income tax deductions and estate tax benefits, while avoiding any capital gains taxes that would have resulted from selling the property. Most important, if the land is donated because of its conservation value, it will be protected. For more information on Planned Giving options, click here.
Landowners can also choose to continue living on the land by donating a remainder interest and retaining a reserved life estate. In this arrangement, a landowner would donate his or her property during their lifetime, but reserve the right for themselves or any other names persons to continue to live on and use the property.
By donating a remainder interest, you can continue to enjoy your land and may be eligible for an income tax deduction when the gift is made. The deduction is based on the fair market value of the donated property less the expected value of the reserved life estate. See Potential Tax Benefits to Conservation Easements for more information.
To see a Map of Five Valleys Land Trust conservation easements, click here.
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