A gift of land or other real estate for conservation is one of the most generous gifts a landowner can make to future generations. The Finger Lakes Land Trust has several options to help you achieve your conservation goals within your lifetime, or in your will.
How to Donate Gifts of Land and Other Real Estate for Conservation
Donations of Land
A gift of land to a nonprofit organization such as the Land Trust is a simple way to make a gift of real estate while receiving the benefit of tax savings. A land donation can be a means of obtaining permanent protection and may also support the Land Trust financially.
Depending on your type of real estate and your intention as the donor, such a gift could be retained by the Land Trust as a nature preserve, sold to a private buyer with a conservation easement protecting the land in perpetuity, or resold to provide maximum funds for other land conservation projects. The Land Trust never resells land without the permission of the land donor.
What are the benefits of donating land to the Land Trust?
- Option of protecting your land—forever
- Simplification of your estate and savings on estate taxes
- Charitable deductions on your income taxes
- Savings on property taxes
- Land donation is a way for you to make a contribution to the Land Trust and to your local community and environment
Donations of Other Types of Real Estate
The Land Trust also accepts gifts of other types of real estate — homes, farms, building lots, commercial property, or other land unsuitable for permanent conservation. These gifts may be sold to create financial support for land conservation while providing the donor with charitable deductions on income taxes and savings on estate and property taxes.
Donation of a Retained Life Estate
A landowner can donate real property — a home, vacation home, or farm — and continue to use it during their lifetime. Known as a retained life estate, the landowner makes this irrevocable gift to the Land Trust and retains the entire use and responsibilities of ownership. The remainder interest to the Land Trust is a gift and qualifies for a charitable deduction.
Couples can make a gift in which both owners retain full life use, and the Land Trust cannot use or sell the property until both have passed away. Similar to other gifts of property, a retained life estate may be sold to create financial support for future land conservation projects. With a gift of a retained life estate, the donors deed the property to the Land Trust and may be entitled to an income tax deduction in the year the gift is made.
A Bequest or Living Trust
A landowner can conserve important lands by donating property or donating a conservation easement through their will. Many landowners wish to retain maximum flexibility during their lifetimes, and they choose to carry out their conservation plans through a bequest or a living trust.
A bequest is a provision in the landowner’s will or codicil (a will amendment) that instructs the estate’s executor to convey land to the Land Trust. A living trust can achieve the same results but avoids the probate process.
Both the bequest and the living trust can assure the permanent conservation of the land, permit the donor to control the property during his/her lifetime, and may reduce the donor’s taxable estate.
How Can I Find Out More?
Call the main office at (607) 275-9487 or email info@fllt.org to discuss these options with a land conservation specialist.
Before accepting property, the Land Trust conducts due diligence to ensure that each project aligns with our conservation strategies. This includes reviewing mapping, local planning documents, environmental assessments, title verification, financial sustainability, and intended long-term uses of the property.
