TITLE

Conservation Easements

AUTHOR(S)
Miller, Mark A.; Nance, William M.
PUB. DATE
October 1995
SOURCE
Journal of Financial Planning;Oct95, Vol. 8 Issue 4, p158
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article focuses on conservation easements and many additional issues involved in its implementation. A conservation easement is a transfer of an interest in land. The client (grantor) retains most of his or her ownership rights, including the right to use and sell the land, but transfers to a conservation organization or a government body (grantee) specific rights that will forever prevent certain future development of the property by the grantor or any subsequent purchasers. The easement will permit the grantor to continue to fully use the land, except as specifically restricted in the easement. The goal of the easement is to preserve the present state of the property, yielding valuable benefits to the client and the public, yet reduce the client's related tax burdens. The easement should identify the specific rights the grantor intends to reserve, even though those rights not conveyed by the easement are automatically reserved. In addition to the easement document itself, a "Baseline Document Report" must be prepared to establish the condition of the property at the time of the granting of the easement.
ACCESSION #
5560786

 

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