Protecting one's land is a very personal decision. It requires careful and thorough consideration of one's family's interests and the future of the property. There are many reasons why people choose to preserve their land in perpetuity. Some have a deep generational tie to the land and since childhood have explored every inch and corner of their family's property. Others recognize that land preservation benefits species diversity. And, many wish to preserve the beauty and richness of the natural landscape for future generations to enjoy.
Donating Land. Donating land for conservation ensures the land's permanent protection and guarantees that future generations will enjoy the place you have cherished. This fairly simple transaction transfers the title of the land, and its management responsibility, to the Tuckernuck Land Trust. Income and estate tax benefits may be available and in some instances capital gains taxes which would otherwise result from the sale of the property, may be avoided.
Selling Conservation Land at Bargain Sale. The Tuckernuck Land Trust may purchase land with important natural resource or scenic values. In this instance, because real estate is quite expensive and funds must be raised, TLT might negotiate with the landowner for a "bargain sale" price. The difference between the appraised market value and the discounted purchase price is considered a tax-deductible charitable donation, and some landowners can benefit from a bargain sale of their property.
Conservation Restriction. A conservation restriction is a legal agreement which permanently protects the natural features of the land by limiting the type and scope of development on your property. The landowner continues to own the property, and the conservation restriction is upheld by a conservation organization. Conservation restrictions are permanent legal agreements and run with the land. The Tuckernuck Land Trust does not hold conservation restrictions, but we work closely with conservation partners who do accept them.
Remainder Interest. A landowner may wish to donate property to ensure that it will be preserved in perpetuity, but may also want to continue to live on or use the property during his or her lifetime. The landowner would reserve the right to continue to use the property by retaining a "life estate." A donation of the "remainder interest" is to the charitable organization. The landowner can continue to enjoy the property during his life and know that it will be protected in perpetuity. This gift may entitle the landowner to an income tax deduction.
Bequest. One simple way to make a gift of land to Tuckernuck Land Trust is through your will. Properties donated through your will as a charitable bequest are not subject to federal estate tax.
To discuss land protection options, contact the Tuckernuck Land Trust at 508-228-2638.
Consult your legal and financial advisors for estate planning and large donations.