Legacy Land Conservancy

Conservation is too important to treat like a charity
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Land Conservation Options
 
There are as many reasons why someone would want to protect or restore their undeveloped property to a natural state as there are landowners. As a 501(c)(3) tax exempt non-profit corporation, Legacy offers the full spectrum of ways you can protect your property. Each is tailored to your unique circumstances and needs.

Note: Land conservation can be a complex undertaking requiring legal, tax, and appraisal expertise in order to provide you, Legacy, and the environment with a satisfactory outcome. We encourage you to start early, go slow, and ask lots of questions. A good place to start is to contact us and ask for our Whitepaper that outlines our land conservation operating policies and priorities.
Outright Gifts 
Donating fee-simple title to Legacy at a single point in time during the donor's life. Donor benefits include 1) an income tax deduction equal to the appraised value of the property, 2) a reduction in the size of your taxable estate, and 3) the comfort of knowing that your conservation wishes will be carried on in perpetuity by an able organization that shares your values.
 
Bequest 
The donation is made at the time of the donor's death as provided for in a will. The advantage of this method is reduction in the donor's taxable estate. A disadvantage is that the donor receives no income tax benefit during their lifetime.
 
Leaseback
The property is donated outright but you then lease back certain rights to use the property for a specified period of time. Advantages include: 1) an income tax deduction equal to the appraised value of the donation; 2) reduction in taxable estate; 3) you are no longer responsible for property taxes; and 4) you retain some use of the property. A disadvantage is that the lease is usually as cash payment made for the life of the lease.
 
Reserved Life Estate
The property is donated outright but certain uses are reserved until donor's death through deed restrictions. Advantages include an income tax deduction on the value not reserved, and reduction in your taxable estate. A disadvantage is that the donor pays property taxes on the reserved interest.
Conservation Easements
Unlike donations, where title to the property passes from the donor to Legacy, a conservation easement allows the donor to give Legacy the development rights to the property while retaining all other rights. A conservation easement is a permanent restriction on the property that runs with the deed; in other words, all new owners in the future will be bound by the easement too. You can receive an income tax deduction equal to the appraised value of the easement, as well as reductions in property taxes and estate taxes. The main disadvantage is a lower property value in the event you want to sell the property.
 
Bargain Sales 
A bargain sale occurs when a landowner sells Legacy the property for a cash price that is less than fair market value.The advantage is an income tax deduction equal to the difference between fair market value and the cash paid. Depending on your circumstances, a properly structured bargain sale can be more profitable to you than selling the property as full market value on an after-tax basis.
 
Installment Sales
These sales can be at either bargain or full market value, and feature payment over time with or without interest. The advantage is that income (and income tax) are spread out over time.
 
Joint Ventures
The growing requirements for land developers to provide compensatory mitigation for unavoidable resource impacts has created an opportunity for funding conservation projects. Legacy can act as a bridge between developers needing mitigation, and landowners willing to site mitigation projects on their property. Example projects include wetland restoration, stream and riparian area restoration, and oak woodlot enhancement and establishment.