Do you own land that you would like to see remain free from development for your lifetime and for future generations?
Doing nothing to protect it now may doom your land to future development. Estate taxes are one reason. Federal taxes can be as high as 50% of a property’s fair market value, virtually forcing heirs to sell it. Future property owners might be either compelled by ever increasing land values or simply lack an appreciation in the land and decide to develop.
Here are a few options open to you.
Conservation Easement
This is a legal agreement between a landowner and a land trust or government agency that permanently protects land while the land owner continues to own it. Donating the easement can result in reduced income tax and estate tax.
Land Donation
Donating conservation land to a land trust is a wonderful way to share its beauty for future generations. The donation can even be set up in a way that allows you to continue to live on the land or to receive a life income.
Bargain Sale of Land
Selling land to the land trust at less than its fair market value can provide tax benefits and make it affordable for the land trust.
There are other options. The Conanicut Island Land Trust can help you arrive at a conservation plan that makes the most sense for you and can put you in touch with attorneys, appraisers, accountants, and land planners familiar with conservation techniques. For additional information or assistance please contact: Webmaster.
For more information on how to conserve your land please visit the Land Trust Alliance web site.