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Northampton County Honors the Morey's - NC Forest Service

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11Taxes and Estate PlanningHelp for <strong>Forest</strong> Landowners: Estate PlanningPosted by zhoyle on December 6, 2012Family forest owners may use consulting foresters or State extensionforesters for advice on <strong>the</strong> technical details of land management,but many owners shy away from thinking about how best to pass <strong>the</strong>irforest on to <strong>the</strong> next generation. Poor estate planning–or no planningat all–can result in a tax bill that requires selling timber or forest land,which in turn can lead to subdivision and development.Estate Planning for <strong>Forest</strong> Landowners, a Sou<strong>the</strong>rn Research Station(SRS) publication, provides a comprehensive guide to estate planningspecifically designed for forest landowners.“Over <strong>the</strong> past decade, demographic, social, and market trendshave converged to increase <strong>the</strong> effects of <strong>the</strong> Federal estate tax on rurallandowners.” says John Greene, research forester with <strong>the</strong> SRS<strong>Forest</strong> Economics and Policy unit based in Research Triangle Park,North Carolina. ”Although <strong>the</strong> minimum estate value for paying taxmay seem high, family forest owners, farmers, and ranchers remainMost of <strong>the</strong> forested land in <strong>the</strong> South is owned byfamilies and private individuals. Photo by U.S. <strong>Forest</strong><strong>Service</strong>.many times more likely than <strong>the</strong> U.S. population in general to incur<strong>the</strong> estate tax.”“Besides,” Greene adds, “<strong>the</strong> guide is about estate planning, not just <strong>the</strong> estate tax. As well as describing how touse <strong>the</strong> available tax provisions to minimize or avoid <strong>the</strong> Federal estate tax, it discusses strategies and tools to interestyounger family members in keeping <strong>the</strong> forest intact and train <strong>the</strong>m in how to manage it for <strong>the</strong> values <strong>the</strong> family holdsfor it.”Greene and coauthors William Siegel and Harry Haney designed Estate Planning for <strong>Forest</strong> Landowners to providespecific guidelines and assistance on applying estate planning to forest properties. The guide, which is availablefree of charge from SRS, is designed for use by both private landowners and advisers—legal, financial, insurance, andforestry professionals—who help <strong>the</strong>m with estate planning. The guide presents a working knowledge of <strong>the</strong> Federalestate and gift tax law as it relates to forest properties.Access Estate Planning for <strong>Forest</strong> Landowners.For more information, email John Greene at jgreene01@fs.fed.us

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