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.
Learn about Conservation Easements