Estate Planning
Estate Taxes aren't settled yet!
While some may think we are in a good position to keep family forests
intact because no estate tax is being collected in 2010, the tax rate will
skyrocket to 55% in 2011 and the exemption level will dip to only $1 million,
capturing many more unsuspecting land-rich and cash-poor families who own
forests.
Write your Senators today, asking them to Fix
the Estate Tax Before High Tax Rates and Low Exemption Levels Are Triggered
in 2011. Specifically, our Senators should pass legislation to take
effect in 2011, that exempts estates valued at $5 million or less (adjusted for
inflation) from the estate tax and tax estates valued above $5 million at no
more than a 35% tax rate. Additionally, the Senate should enact estate tax
exemptions for families that choose to keep their land in the family and keep it
a healthy, working forests.
A sample letter is available for you to e-mail or copy and modify,
then send separately to tell your story. If you have already written
your Senators, it doesn't hurt to remind them again with another letter!
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: April 15, 2010
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