Forests
Meadows
Freshwater Environments
Coastal Environments
Donating land for conservation purposes is truly one of the finest legacies a person can leave to future generations. The staff and volunteers of the GLT would be delighted to talk with you about the various forms that conservation land donations can take as well as the process of making a donation of land or an interest in land. Please explore this section of our website to learn about:
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| Meadow Lane Gardens. |
Financial Incentives for Land Donation
A number of tax programs have been enacted to provide financial incentives for the donation of land and interests in land to conservation organizations. Depending upon the circumstances of the donor’s estate and the terms of an individual gift, these can include:
- deductions to federal and state income taxes in the year of the gift or in later years
- reduction in the size of a taxable probate estate.
- relief from town real estate taxes
The value of a gift for these purposes is based upon a professional appraisal of the interest being donated. The Greenwich Land Trust is a qualified recipient of conservation land donations, but it is not a tax advisor and cannot provide advice on how tax laws may apply in individual cases. Because the effect of the tax laws depends on the circumstances of each person’s overall estate, it is important to consult your professional tax advisor.
Most of the donations to the GLT have historically been outright gifts of parcels of land. One such gift is Shell Island, donated by Julius Silver in 1995.
Here is a brief description of the many different forms that conservation land donations can take:
- Land Donation: This is a charitable donation of land which is given over immediately to the GLT. The land trust takes title to the property, assuming full ownership and future care of the property.
- Easement: It is possible to give an interest in land such as an easement or permanent restriction against development - in that case the donor would still own the land itself (thus preserving the original acreage of the property) but the GLT would have the right to enforce the conservation covenant. Please see box below for an important update on conservation easements.
- Gift of Future Ownership: Another method of donation is to make a gift of future ownership – the donor would retain use and possession of the land during his or her lifetime, while the GLT would become the owner upon the donor’s death or other named event.
- By Will: Some donors have made gifts of land to the GLT by instruction in their will.
- Neighborhood Purchase and Donation: In other cases, groups of neighbors have joined together to conserve a special area near their homes.
The Greenwich Land Trust will work with you and your professional advisor to find a donation method that most closely fits your goals and circumstances.
Important Update on Conservation Easements:
Despite support from majorities of both parties, the powerful federal tax incentive for conservation easement donations expired at the end of 2009! But, we expect that congress will act soon to reinstate it - and make it retroactive to January 1st.
Background info: In 2006, Congress passed legislation substantially increasing the tax benefits associated with conservation easements, but only through December 31, 2009. Under this legislation, an easement donor can deduct up to 50% of his/her adjusted gross income in the year of the easement and carry forward any unused portion for up to 15 years.
If you are considering donating land for conservation purposes, the first step in the process is to contact Greenwich Land Trust Executive Director, Ginny Gwynn, either by phone: 629-2151 or by email: ginny@gltrust.org. You are also welcome to stop by the GLT office at 132 East Putnam Avenue, 2 East, Suite D, Cos Cob, CT. 06807, or arrangements can be made to meet with you at the property itself. This initial conversation will help to clarify your goals and wishes as a basis for evaluating the various land donation methods most suitable for you.
Land trusts may accept land for conservation purposes when the property has been determined to fit strategically with their organizational purposes. The Greenwich Land Trust considers such matters as the proximity of the proposed gift to other protected open space parcels or corridors, the size of the parcel and its function as a wetland or a wildlife habitat. In determining the conservation value of a parcel of land, GLT Staff and Stewardship Volunteers visit the property. Professional due diligence includes a review of the title (ownership history) of the property, surveying and staking, and appropriate environmental assessments. The Greenwich Land Trust’s commitment to accept a conservation land donation is made by a vote of its Board of Directors because it involves an undertaking of stewardship for the future.
The Greenwich Land Trust asks donors to provide its due diligence costs, legal fees and recording fees. In addition, the GLT asks donors of land for a one-time tax-deductible contribution to its Stewardship Fund to enable the organization to continue its stewardship activities.
The time to review a prospective gift of land and to complete the gift can take a period of months. If a gift involves dividing a tract of land, Town permits may need to be obtained. By talking with the GLT and your professional consultants early, you can best plan a gift within the timeframe suitable for you.
The Directors, staff and volunteers of the GLT look forward to working with you and your advisors to create an incomparable gift to future generations.
A donation of land to the GLT is a formal conveyance by deed and is permanent. Therefore, it is an intensely personal and family decision which must be given careful consideration and one that must be made with the advice of your own professional legal and financial consultants who have expertise in the areas of tax, estate planning and land use. In considering a donation of land or an interest in land, it is important to evaluate the effect of the donation on your overall estate for the future.
