Conservation easements can be a tool to include in your estate plan. Donation of a conservation easement can be one way to reduce federal and state estate taxes when your estate value minus permitted deductions exceeds the current estate tax exemptions (unified credits). Conservation easements will not be for everyone, something you should keep in mind.
It is important to remember to discuss with your estate planning professionals how an easement could work in your situation.
The Maryland State Bar Association's (MSBA) Section on Agriculture Law published a directory of members (current members as of June, 2015). This Directory includes a listing of attorneys, field of practices, and areas of the state currently practicing in. The Directory is available by clicking here.
Conservation Easements: A Useful Tool for Farm Transition and Estate Planning by Dr. Lori Lynch and Paul Goeringer. FS-974, Updated September 2016.
Taxes and Land Preservation: Computing the Capital Gains Tax (FS-780, 2014) by Dr. Lori Lynch and Paul Goeringer.
Do Agricultural Land Preservation Programs Reduce Overall Farmland Loss? (2012) by Lynch, Lori
PDR Programs Affect Landowners’ Conversion Decision in Maryland (2012) by Towe, Charles Bockstael, Nancy Nickerson, Cynthia J.