It is also possible to donate land but continue to live on it by donating a “remainder interest” in the property and retaining a “reserved life estate”. They way this works is that you donate the property during your lifetime, but reserve the right for yourself and any other named persons to continue to live on and use the property during their lifetimes (call a “reserved life estate”). You have donated to the land trust a “remainder interest” in the property. When you or those you’ve specified die or release their life interests, the land trust will have full title and control over the property.
The gift of a remainder interest to a Land Trust for conservation purposes enables landowners to satisfy their wishes to protect their land, reduce the estate tax obligation of heirs, and usually entitles the donor to an income tax deduction when the gift is made.. In some instances, the combined gift of a conservation easement with a remainder interest may best address the needs and desires of a landowner.
