A few other land protection tools

Bequest or Living Trust

This allows a land owner maximum usage of their property during their lifetime, with eventual preservation. A landowner can conserve important lands by donating property or donating a conservation easement through their Wills. A bequest is a provision in a Will or codicil that instructs the estate’s executor to convey the land or a conservation easement to Genesee Land Trust. A living trust can achieve the same result but avoids the probate process.

If you wish to partake of one of these conservation tools, you would want to contact Genesee Land Trust to assist you in your plans. Please do not hesitate to contact us at info@geneseelandtrust.org or (585) 256-2130 to discuss your property.

Bargain Purchase

This tool is allows a land owner to realize some immediate income and longer-term tax benefits. In a Bargain Purchase, a landowner sells property to a land trust at less than full market value and donates the remaining value. The difference between full market value (as determined by a professional appraisal) and the sale price can be treated as a charitable contribution and can significantly reduce any capital gains taxes payable on the sale. Again, this transaction depends on the wishes of the landowner to see their land preserved and the conservation goals of the land trust. Please do not hesitate to contact us at info@geneseelandtrust.org or (585) 256-2130 to discuss your property.

Right of First Refusal

A landowner who cannot afford to donate or bargain-sell their property to a land trust may consider a right of first refusal. This right gives the land trust the opportunity to match a purchase offer received by the owner at a future time if and when the owner elects to sell the property. Please do not hesitate to contact us at info@geneseelandtrust.org or (585) 256-2130 to discuss your property.

Another good source for property protection information can be found at http://www.lta.org/conserve/index.html.