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Why Estate Planning? 1. Pre- and post-retirement security 2. Security, comfort of surviving spouse 3. Equitable treatment of children 4. Continuity of forest enterprise 5. Minimize transfer costs 6. Flexibility, durability of plan
Forestland and Estate Planning Advantages: • Value is not volatile • Relatively low maintenance • Both timber and land accrue value • Returns are independent of the stock market • Returns are taxable as capital gains
Page 1: Estate Planning
Page 5 and 6: Essential Steps in Estate Planning
Page 7 and 8: Selecting Your Team 1. YOU 4. Trust
Page 9 and 10: Selecting Your Team 4. Trust office
Page 11 and 12: Reviewing Your Plan 1. Make sure th
Page 13 and 14: Uses of Wills 4. Provide for contin
Page 15 and 16: Uses of Trusts 1. Retain management
Page 17 and 18: Estate Planning Tools Specific: •
Page 19 and 20: Estate Planning Toolkit Just an int
Page 21 and 22: Gifts Gifts with a value less than
Page 23 and 24: Gifts In addition, there is an UNLI
Page 25 and 26: Gifts Advantages: Permits you to tr
Page 27 and 28: Bequests The giving of money or pro
Page 29 and 30: Bequests Valuation date is decedent
Page 31 and 32: Bequests Disadvantage: Inability y
Page 33 and 34: Marital Deduction Disadvantage: Doe
Page 35 and 36: Effective Exemption Amount The “u
Page 37 and 38: Effective Exemption Amount Once cum
Page 39 and 40: Bipartisan Estate Tax Bills Current
Page 41 and 42: Effective Exemption Amount As well,
Page 43 and 44: Effective Exemption Amount Disadvan
Page 45 and 46: Special Use Valuation Before 1998 t
Page 47 and 48: Special Use Valuation Advantages: R
Page 49 and 50: Special Use Valuation Elect to use
Page 51 and 52: Special Use Valuation The property
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Special Use Valuation … benefits
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Special Use Valuation Non‐qualifi
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Special Use Valuation At least one
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Special Use Valuation … in accord
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Exclusion for Interest in a Family
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Exclusion for a Qualified Conservat
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Page 73 and 74:
Disclaimer Advantage: Lets the tran
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Disclaimer The transferee must not
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Deferral and Extension of Estate Ta
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Deferral and Extension TRA and EGTR
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Deferral and Extension Advantages R
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Other Tools Estate planning profess
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Forms of Business Organization Two
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Family Limited Partnership The limi
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Limited Liability Company But unlik
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Lessons Learned But BE AWARE the IR
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Lessons Learned The partners/member
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Trusts An arrangement by which a pe
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Lifetime Trusts A LIFETIME TRUST is
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Testamentary Trusts A TESTAMENTARY
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Four Kinds of Trusts and What They
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Four Kinds of Trusts Qualified Term
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Other Tools Generation‐skipping t
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Economic Advantage of Estate Planni
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Family Assets The couple’s joint
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Hypothetical Family In addition, it
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Hypothetical Family Say the husband
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“I Love You” Will Is a guarante
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Value of the Joint Estate at the Hu
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Federal Estate Tax Payable at the W
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Balanced Estate Plan The effective
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Balanced Estate Plan The effective
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Balanced Estate Plan Special use va
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Value of the Joint Estate at the Hu
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Federal Estate Tax Payable at the W
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Additional Strategies … children
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