These days it’s just not as simple as leaving the farm to a son, like your father or father-in-law may have done.
Multiple heirs living in distant cities, the value of the land, healthcare costs and other complicating factors make this a tough decision.
Well-established farmers, and those approaching retirement, are often looking for peace of mind when it comes to
- keeping the farm in the family
- financial security in retirement
- leaving a legacy
- being fair to their heirs
SILT can be part of the solution.
A land donation with reserve life estate allows you to
- stay on your land for as long as you like
- enjoy the benefits of a significant charitable tax deduction
- take the value of the farm out of the expense of your estate
- reduce the chance for strife among heirs
- leave a food-producing legacy for all Iowans
- provide access to your children to farm the land if they wish
- protect your farmland from getting re-zoned
A donation of a sustainable ag conservation easement allows you to
- keep ownership of the land to sell or pass on
- reduce the value of the land for future farmers
- protect the land to produce food no matter who owns it in the future
- may provide excellent tax benefits
When you pass your farm on to your children there is no guarantee that it will remain the farm you spent your life building and tending. If this generation doesn’t sell, the next generation just might. Pressure from growing communities on one side and bigger farms on the other doesn’t help.
Donating part or all of your land or an easement to SILT gives your farm its own guardian – an organization with a moral mission and legal responsibility to protect your farm in perpetuity.
Contact us today to begin the conversation about how donating land or an easement can fit into your plans to transition your farm to the next generation.