Michael Bean of the Environmental Defense Fund has written that the estate tax encourages the destruction of ecologically important land in private ownership. Some families try to preserve their property by selling or donating conservation easements. While allowing the land to remain in private ownership, easements can generate either cash or tax advantages in return for the surrender of development rights. A New York Times article last fall described how with developers in Steamboat, Colorado, paying 20 times the farm value of land, the Fetchers saved the family ranch by donating development rights on 1,300 acres to a land trust. In doing so, they cut future estate taxes in half.
Conservation easements vary widely.
Some are set up to maintain scenic vistas, while others simply encourage agriculture in areas that have historically been farmed or ranched. The Colorado Cattleman s Association recently formed a land trust to encourage this latter purpose. Since its formation in 1980 by ranchers and environmentalists, MALT has acquired agricultural conservation easements on approximately 20 percent of the privately owned agricultural land in Marin County. In recent years, however, MALT has strained its relationship with local ranchers and farmers by supporting legislation to add much of this private land to the Point Reyes National Seashore in the county. One problem with conservation easements is that they can t be repealed once they are in place.