In a joint ownership arrangement, the land owner and Farmland Legacies are both legal owners of the property. The land owner retains the right to manage operations on the land until such time as they are no longer able to or not longer wish to. The right of survivorship means the land will not be included in the estate but will be directly transferred to Farmland Legacies at the time of their passing. There is no direct tax benefit during their lifetime unless the land owner donates the profits off the land to Farmland Legacies.
- Family land is protected for generations to come.
- The land will be used for regenerative agricultural purposes and will stay in local hands.
- Donors maintain the right to operate and manage the land during their lifetime and receive the income produced.
- The land is no longer part of the donor’s taxable estate