When you’ve made the decision to protect your land against irresponsible or destructive development, it’s important to know your bases are covered with
regard to the tax implications of this choice — both now and in the future. Responsible estate planning is a complex topic with wide-ranging implications
for you, your family and your land.
On this page, you’ll find a comprehensive set of resources that can help you understand and navigate the various legal processes involved in estate
planning for land conservation, including succession planning, tax credit trading and 1031 exchanges.
Needless to say, these are complex issues that require the expertise of a qualified tax lawyer to properly negotiate. Let our servers do the walking to help you find local, regional or national professionals to assist you with your tax, estate, or conservation objectives. You can simply enter your ZIP code and specify just what type of professional you are looking for or you can build a team of qualified professionals in your town, county, or state.
Your land is likely to be a major part of your estate - to properly plan for the future, it's essential to clearly spell out whom will get it and how it may be used. Taking the time now to have these matters settled ultimately means less burden on your loved ones. You'll also have the peace of mind knowing your wishes of protecting your land will be honored long after you're gone
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Conservation easements are one of the most commonly used forms of succession planning . A conservation easement is a legal agreement that permanently restricts development on your property. Setting up an easement typically involves donating your property either to a land trust or a government entity; in doing so, you may forfeit some of your rights to the property, but are guaranteed the land will remain preserved for future generations.
Depending on the nature of the easement agreement, it may be possible to negotiate its terms. For example, many private landowners have managed to retain the rights to grow crops and perform other revenue-generating activities.
Conserving your land with a conservation easement may earn you a significant tax rebate, provided it can qualify as a charitable donation under the terms of IRS Section 170(h) . As well, your loved ones will benefit from reduced estate taxes. The following articles on conservation easements and estate planning are provided by our sister site the Conservation Tax Center . Click on an article and you will be directed to over to the CTC where you will be connected to a library of tax and estate planning articles that can help you conserve your land as well as a directory of qualified attorneys and estate planners.
The Land Conservation Assistance Network is a 501(c)(3) non-profit dedicated to supporting the conservation needs of private landowners across the United States. To do this, we’ve built a network of online resources that help landowners and rural residents make informed decisions about their property. To support us in this valuable work, consider making a donation today.