How the Legacy Property Fund Works

 

 The Legacy Property Fund of Keystone Conservation Trust can help individuals realize significant tax savings and achieve their philanthropic goals through the sale of their home and property. We work closely with you, your advisors and your realtors through a four step process to ensure that the details of your property and wealth plan are addressed appropriately and comprehensively. (More detailed questions are answered in Q&A.)

 

1) Meet, Listen and Plan We take the time to learn about your unique situation and assess together how the Legacy Property Fund might work best for you. We want to understand your philanthropic interests and explore how a donation of part or all of your property may help attain your goals. Working closely with you and your wealth advisors, we then create a Legacy Property Plan to help maximize your overall wealth position, maintain your lifestyle, conserve your property (if you so choose and is appropriate) and distribute charitable proceeds according to your wishes.

 

2) Property Donation Following an agreed upon Legacy Property Plan, you would donate title of your property to our non-profit organization, Keystone Conservation Trust, receiving immediate income and estate tax benefits for the fair market value of your property. (You are eligible to take the income tax deduction in the year of the gift and for five subsequent years, limited to 30% of your adjusted gross income.) You may retain part of the value for yourself (through a mortgage), limiting your tax deduction. You may also donate less than the full interest in your property (reserving a retained life estate), also reducing your tax deduction. After donating the desired interest in the property, you may continue to live on your property as long as you would like. Keystone Conservation Trust would enter into a formal Residence Agreement with you prior to the donation. (See "Can I continue to stay in my house once Ive donated it?") We will also accept as a tax deductible gift any residual property (furniture, art, household goods, etc.) which you or your family do not want when you choose to move. Depending upon the propertys size and features, we would also discuss with you your intentions to protect the property from development, incorporating this into the overall financial and philanthropic plan. (See "Protecting my property from development")

 

3) Property Resale Once you decide to move, we then sell the property and any residual items. (We can use a realtor of your choice.) If the property is to be restricted from development, we create a binding conservation agreement, place the agreement with the appropriate and qualified conservation organization, and then sell the property to a new owner who must adhere to the conservation agreement. Once sold, we then place the sale proceeds into the Legacy Property Fund where they are invested and managed by the governing organizations of Keystone Conservation Trust until distribution.

 

4) Charitable Distribution The Legacy Property Fund then distributes the proceeds to the charity(ies) of you choiceeither pooled and then re-granted through the Legacy Property Fund to conservation organizations protecting critical treasured lands Featured Properties Conservation Projects or directly to non-profit organizations of your choice.


Recent Project


Pennypack

The Pennypack Greenway is a wooded oasis in a highly built-out setting at the margins of Philadelphia. Encompassing three protected areas within both Philadelphia and Montgomery counties (the Pennypack Park, Lorimer Park, and the Pennypack Preserve), the Pennypack watershed houses over 2600 acres of publicly accessible protected lands. Conservation challenges ...
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