Donation of a Retained Life Estate
Can I make a gift to the Land Trust but still use my land?A landowner can donate land and continue to live on it during his or her lifetime. This is know as a gift of remainder interest, or a gift of land with a reserved life estate. This option allows you to continue to enjoy your land today, while receiving income tax benefits that wouldn't result from such a gift made made in your Will.
With a gift of a remainder interest, the donors and their beneficiaries reserve the right to continue to live on and use the property during their lifetimes. At the end of the specified life interests, full titles and control of the property automatically transfers to the Land Trust.
The donation of a remainder interest offers several advantages:
- the donors continue to use and enjoy the property throughout their lifetimes
- unlike a situation using a bequest or a living trust, the donor may be entitled to an income tax deduction when the gift is made
- the proceeds from the sale of the property will support the Land Trust's land protection program, allowing us to protect more land throughout the region
How can I find out more information?
Call the main office at (607) 275-9487 or write or e-mail the Finger Lakes Land Trust to talk with a staff member about your conservation goals.
