In the News...  Articles of interest concerning Conservation Easements.  Click any link below for a synopsis and link to the full article.

Jolley: Five Minutes With Mike Beam, Executive Director, KLA-RT

    - By Chuck Jolley, Jolley and Associates, e-published on CattleNetwork Today,

      May 25, 2007

What attracted my attention was a Wall Street Journal article about “giving away your ranch.”  At least that was how putting all or part of your land into a trust or establishing a conservation easement had been explained to me.  But maybe there was something else to it.

 

The WSJ explained it this way: "Muscoe R.H. Garnett Jr.'s farm in Loretto, VA., hasn't changed much since the family acquired it in the 1600s.  Now, the retired insurance executive has made sure it will stay that way.

 

"Encouraged by recent tax legislation, Mr. Garnett has placed a "conservation easement" on much of his property, located about 80 miles from Washington, D.C.  The move permanently shields the rolling pastures, timber forests and croplands from being turned into a housing subdivision or business park.  Under the easement, which is a binding agreement typically made with a land trust, the Garnett family still owns the land and can continue to use it for farming and timber but most of it can never be developed."

 

I was still really leary.  The idea of preserving places like the Flint Hills region of Kansas forever is appealing.  Tagging a piece of property that I intend to pass along to future generations of my family with what might be an onerous limitation a half century from now gives me pause for thought.

 

So I thought it might be time to talk with Mike Beam, Executive Director of the Kansas Livestock Association Livestock Trust.  It’s his job to guide people through the intricacies of establishing a trust and educating them on the pros and cons of such a major step.

 

Click here for the full text of the article on the CattleNetwork.com website.

Conservation Deductibility Expanded

    - By Mike Beam, The Kansas Stockman, March 2007

Farm and ranchland owners who have considered placing an agricultural conservation easement on their property may find 2007 is the year to pull the trigger.  Last fall, Congress passed an enhanced federal income tax incentive for landowners who donate eligible conservation easements by December 31, 2007.

 

Click here for a PDF of the full article. (requires Adobe Acrobat Reader)

 

Please Note: While the referenced incentive has expired, tax laws are constantly changing.  Please contact Mike Beam for the most current information.

Tax Break With a View - Landowners Rush to Take Advantage of

New Law That Boosts Deductions for Blocking Development;

a Crackdown on Abuse

    - By Rachel Emma Silverman, The Wall Street Journal, Feb 7, 2007 

"Muscoe R.H. Garnett Jr.'s farm in Loretto, VA., hasn't changed much since the family acquired it in the 1600s.  Now, the retired insurance executive has made sure it will stay that way.

 

"Encouraged by recent tax legislation, Mr. Garnett has placed a "conservation easement" on much of his property, located about 80 miles from Washington, D.C.  The move permanently shields the rolling pastures, timber forests and croplands from being turned into a housing subdivision or business park.  Under the easement, which is a binding agreement typically made with a land trust, the Garnett family still owns the land and can continue to use it for farming and timber but most of it can never be developed."

 

Please contact Mike Beam for more information about the WSJ article.

For more information on any of these items, please e-mail Mike Beam or call him at 785.273.5115.