Lee Stephens Law, PLC

A Law Firm with a Mission

Whether it is placing a conservation easement on a family farm or helping the next generation through creation of a trust, Lee Stephens Law knows how to protect your property.

But what makes Lee Stephens Law different is that their attorney’s understand that preserving family assets is as much about the family as it is about the asset.

Family means a sense of place, time and being. That means family owned lands are treated differently than a blue-chip stock. Both assets have place in a balanced portfolio and both assets can benefit future generations, but Lee Stephens Law understands that they are fundamentally different.

That is why, in addition to be being skilled tax attorneys and estate planners, Lee Stephens Law, PLC has as its mission helping preserve Virginia’s natural and historic heritage by establishing its place as Virginia’s preeminent law firm representing easement donors. Call us today and discover the difference.


Contact Lee Stephens Law, PLC


Contact Lee Stephens Law, PLC


4507 Irvington Road, Suite 300
PO Box 70
Irvington, Virginia  22480
Phone: 804-480-4090
Fax: 804-482-2480


 

Service Area

Statewide service provider in:
  • Virginia


3 Introductory articles were found for Lee Stephens Law, PLC

Alternatives to Real Estate Development Deriving Financial Benefits from Conservation and Mitigation Projects in Virginia - a Lender's Collateral Concerns

Lessons on Charitable Conservation Contributions from Scheidelman v.Commissioner

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On July 14, 2010, the U.S. Tax Court issued its opinion in Scheidelman v. Commissioner, T.C. Memo. 2010-151, and the decision provides conservation easement professionals with two important lessons.  First, it is critical to have a qualified appraisal that satisfies the requirements of the Treasury Regulations and adequately substantiates the value of the easement, by explaining the methodology used and the property-specific facts forming the basis of the valuation determination.  Second, a cash payment by the taxpayer to the easement holder is not considered a deductible charitable contribution if thepayment is required by the easement holder as a condition of accepting the easement.

pdf Purchase of Development Rights: Another Option for Conservation Minded Landowners

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Many landowners are familiar with conservation easements, a vehicle for preserving land in perpetuity, but they may not be aware of another option: selling the development rights to their property. As a result of donating a conservation easement on their property, landowners may realize a federal tax deduction for their charitable contribution, state tax credits (which can be used or sold in Virginia), lower estate taxes and sometimes lower real estate taxes.2 Purchase of development rights (“PDR”) is mechanism for landowners to sever the right to fully develop their property from other ownership rights in exchange for cash.