As stewards of our land, farmers can leave a lasting impact on our community by donating their farmland to meet their personal giving goals while also ensuring the land will remain agricultural property long into the future.
By donating your land, you can sow the seeds of hope and leave a legacy to support generations to come.
What is the Ag-Land Legacy Program?
Landowners may gift their farmland through the Ag-Land Legacy Program to Northwest Minnesota Foundation. NMF retains ownership of the farmland, renting it to a local farmer. The rental income is designated for local charities the donor has specified.
An Ag-Land Legacy gift may be given as a donor-designated memorial fund, a bequest to NMF, or in a life estate.
How does the donor benefit?
Benefits of the Ag-Land Legacy Program include:
Preserving local farmland and our way of life that is so important to our region
Providing landowners flexibility to make charitable gifts
Providing tax benefits that include bypassing capital gains tax, receiving a tax deduction for the charitable portion of your gift, and reducing potential estate taxes
Maintaining the county tax base as NMF will continue to pay property taxes on the land.
How does NMF benefit?
NMF is able to diversify its portfolio and further its mission to build better lives throughout Northwest Minnesota through income generated by the gift.
If you are interested in learning more about our Ag-Land Legacy Program, contact us today.