Tax Incentives for Conservation Easements in Headlines Lately

Juliya L. Ismailov (Sullivan & Worcester, LLP) published an Article in the ABA Probate & Property Magazine, Tax Incentives for Conservation Easements in Headlines Lately, Probate & Property Magazine, September/October 2023. Provided below is an introduction to the Article:

Why have conservation easements been in the headlines so much lately? What property rights do they create, and what tax benefits can be obtained? Creating a conservation easement is one of the strategies available under the Internal Revenue Code (Code) for estate and income tax planning purposes. Conservation easements are a niche tool not widely used by general estate planning practices. This article sheds light on the conservation easement mechanism for an estate planner and the issues related to conservation easements addressed in recent years by the courts, the legislature, and the Internal Revenue Service (IRS).