Estate
Planning
In some cases, a gift of woodland to a conservation agency or private non-profit organization to ensure its proper management in the future makes a lot of sense. Protecting your land through gift and estate planning is a way to make a lasting contribution to future generations while providing you with potential federal and state tax advantages. A gift of land may qualify you and your heirs for reduced income, gift or estate taxes and reduced capital gains taxes. Since tax laws change frequently, you will want to consult your attorney or tax advisor before making a commitment. The Department of Natural Resources accepts parcels of woodland if they meet certain criteria:
-- Lands within the boundary of DNR projects
-- High quality wetlands
-- High quality trout streams
-- Old growth forests
-- Areas that adjoin protected natural lands
-- Lands that contain habitat for endangered or threatened species
-- Lands that contain unique scenic, historic, geographic or archeological
features
If you are interested in donating your woodlands to the DNR, contact the Real Estate Section of the Department of Natural Resources at (608) 266-2136.
Land Trusts
Land trusts are community-based, non-profit conservation organizations
that work to preserve private land through land purchases bargain sales,
land donations, and conservation easements. Land trusts generally conserve
land of significant ecological, open space, recreational, scenic or productive
value, such as wetlands, farmland and unique geological formations. There
are currently over 40 community-based land trusts across Wisconsin. Together
these local organizations have protected over 18,000 acres of land in
the state. There are also several statewide land trusts in Wisconsin,
including the Ice Age Park and Trail Foundation, the Wisconsin Farmland
Conservancy, and the Nature Conservancy which has protected over 50,000
acres of land alone. Gathering Waters, Wisconsin’s land trust service, was
formed in 1995 by a group of Wisconsin land trusts. Their goal is to help
educate the public and landowners about options for conserving private
lands, to provide technical assistance and training to help set up new
land trusts, and to build the capacity of existing conservation organizations.
For more information about land trusts near you or conservation options
available to Wisconsin landowners, you can contact these organizations:
Gathering Waters Conservancy
303 S. Paterson St. Suite 6
Madison, WI 53703
(608) 251-9131
www.gatheringwaters.org
The Nature Conservancy
633 West Main Street
Madison, Wisconsin 53703
(608) 251-8140
http://nature.org/wherewework/northamerica/states/wisconsin/
Conservation Easements
Conservation easements are a way to retain ownership and use of
your land while preserving its natural and historical values. A conservation
easement allows you to influence the future use of your land (such as
prohibiting or limiting development) even after sale of the land or your
death. To be eligible for tax benefits, a conservation easement must be
perpetual (permanent). If donated, the value of the easement is then deducted
from your adjusted gross income, reducing your income tax.
Eligible lands for the conservation easement programs available through the DNR must contain streams. For more information, contact your local DNR office.
Private non-profit organizations may accept donated or purchases conservation easements. For more information contact Gathering Waters Conservancy (listed above).