Estate PlanningNew tax laws from the "Fiscal Cliff" legislation that affect forest landowners.
Linda Wang, National Woodlands, Winter 2013, p. 20-21.
As
part of the deal to avert the "fiscal cliff", Congress enacted sweeping
new tax laws, including permanently setting the estate tax "exemption" at $5
million, indexed for inflation. On estates above the exemption, the rate increased from 35% to 40%.
Recently the American Tree Farm System sponsored webinar titled Basics of Estate Planning and the Tools Available for Family Forests Although it is too late to participate live, you can view and hear it online. A complete list of all past ATFS webinars is also available.
Ties to the Land
is a program that helps transition family forest land from one
generation to the next. On the web page, you can learn more about
the program and purchase the training book, but the best thing to do is
attend a workshop and receive hands-on training. Numerous Ties to
the Land workshops are scheduled to be held in Washington in 2012 and
2013. Watch the Events page on this site for upcoming sessions.
Your Land, Your Legacy
is a 40- booklet on estate planning prepared by Massachusetts
Woodlands. It has many similarities with Ties to the Land.
Succession vs. Estate Planning
By Clint Bentz. Tree Farmer Magazine, November-December 2009 In
Ties to the Land seminars, the difference between succession planning
and estate planning is discussed. Succession planning is preparing
your property and your family for a change in ownership and leadership.
Estate planning is the process of understanding and using legal tools
that are available to make sure your succession plan happens the way
you want it to happen. Estate Planning for Forest Landowners: What Will Become of Your Timberlands.
In January 2009 the USDA Forest Service published this 200 page book to
provide guidelines and assistance to non-industrial private forest
owners and the legal, tax, financial, insurance, and forestry
professionals who serve them on the application of estate planning
techniques to forest properties. The book presents a working knowledge
of the Federal estate and gift tax law as of September 30, 2008, with
particular focus on the unique characteristics of owning timber and
forest land.
Updated: March 18, 2013
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