Farmland, Woodlands, Stream Preserving the Family Farm.
Wheeler Brook Farm | Georgetown
Bob and Barbara Morehouse spent more than 40 years growing Wheeler Brook Farm into a favorite destination where locals could pick berries and buy vegetables from the honor-system farm stand.
Declining health meant the Morehouses could no longer run the farm, prompting them to meet with Greenbelt to explore conservation options. They wanted to make sure it stayed a farm, but they
also needed retirement income and to leave their children a meaningful inheritance. Despite offers from developers, they held firm to the hope that they could find a way to keep their land a
working farm.
GOALS
Estate Planning
Balance Farm Preservation
and Financial Considerations
TOOL
Conservation Restriction (CR)
Charitable Sale
BENEFITS
Federal Income Tax Deduction
State Tax Credit
Income from Sale
An appraisal determined that the farm could be subdivided into four house lots. Bob and Barb did not want that to happen, but they needed some compensation for giving up these development
rights. Greenbelt suggested that the Morehouses grant a CR that would eliminate non-agricultural development rights, but include the flexibility for the farm to expand and prosper into the
future. Greenbelt would buy the CR for less than its fair market value, a “charitable sale”, allowing the Morehouses to qualify for federal and state tax benefits in addition to
income from the sale. In the end, the Morehouses were able to remove a significant amount of value from their estate, which helps their heirs avoid estate taxes. Further, with the development
rights removed, the land will be more affordable for a future farmer to buy.
To preserve the land we love as a farm ... that is the legacy we want to leave to the next generation.
~The late Bob Morehouse
Photos: Kelly Chadwick: kellychadwickphotography.com & Beth Glasmann: marybethglasmann.com