WeConservePA has refreshed and updated its guide, Gift of a Future Interest in Real Estate: Reserved Life Estates Keep Owners in Control During Their Lifetimes.
Landowners can convey a future interest in real property to a conservation organization or government but continue to live on or otherwise enjoy using the property during their lifetimes. Landowners who want to continue to live on or otherwise enjoy using their property may wish to convey their property, upon their deaths, to a conservation organization. Their motive may be the general support of the organization with the expectation that the organization will sell the property and use the proceeds to fund its conservation work. Or the owners may want the organization to conserve the property. For either situation, the conservation organization and owners have options to discuss that will allow the owners to continue owning the property until their deaths. Some options work better than others, depending upon the donors’ particular tax and estate planning circumstances as well as family and personal preferences. If the property is a personal residence or a farm, a donation of a future interest can generate immediate tax benefits.