End of life planning can carry a sense of finality, and understandably so. However, it is also a transition point and can provide surprising opportunities.
We recently came across a story of one couple, who, in seeking to promote their personal interest in environmental protection and fighting climate change, took a fascinating approach, donating their farmland for conservation purposes through a land trust.
The land was transferred as an inter vivos gift to the Gatineau Park. The couple began the process through discussions with the Nature Conservancy of Canada (the “NCC”), which did an initial assessment of the land and its suitability as a nature reserve. Discussion with the NCC did not progress far as it was primarily interested in properties larger than 15 hectares and which could be immediately transferred to their full control.
The couple discovered a smaller land trust, called Acre Land Trust (“Acre”), which worked with eco land projects and with whom they came to an agreement. The process was surprisingly complex, and in total, took five years from start to finish. After reaching an agreement with Acre, approval of both the federal and provincial government was required, involving ecological and financial surveys.
Land trusts like the NCC and Acre are not the only options. There are a number of conservation trusts throughout Canada which offer a variety of solutions, ranging from setting up full conservation areas to agricultural conservation easements.
The preservation project undertaken by the couple in this article was an interesting illustration of the broad spanning options available when working in succession and estate planning.
The transitionary nature of estate planning opens up many opportunities to give back to one’s community, such as through environmental projects as in this case, or even supporting sustainable housing initiatives through groups such as the Ottawa Community Land Trust.
As always, when considering major steps such as a gift of land, it is wise to consult with qualified professionals on issues such as tax consequences.
Thank you for reading and have a great day!
Ian Hull & Raphael Leitz