What is a Conservation Easement?

This is a relatively new device in which you sell or donate certain rights with respect to your property while retaining ownership for yourself and your heirs forever. For example, you might make a legal agreement restricting the amount and type of development on your land and donate these specific and carefully defined rights to the Trust. The Trust;- in accepting this easement, would have the obligation to monitor the use of the land forever. When all the conditions conform with those defined by the Internal Revenue Service for a qualified conservation contribution, there can be significant tax advantages to the property owner over a period of years. There can also be savings in estate and property taxes.