Tree Farmer - July/August 2010 - (Page 28)

Estate Planning How to Find ties to the land By Professionals Many family forest landowners are “do-it-yourself” types. When it comes to estate and succession planning, there is a lot that you need to do yourself. You need to decide what you want to do, and what you want your family and your property to become over time. However, to actually create your plan will require the help of a team of qualified, competent professional advisors. These advisors will take your vision and help you create a pathway for success that also complies with our complex legal and tax system. vided in the Ties to the Land workbook to help you put your thoughts on paper in an organized fashion. This awardwinning book takes you through the succession planning process in a stepby-step manner using a case study drawn from experiences working with families just like yours. How do you find qualified, competent professionals to serve on your dream team? At this time there is no state or national registry where you can go to find the help you need. This is a highly specialized field of practice and it is likely that your current attorney or tax advisor, while competent in what they do, will not have the expertise required to help you through this process. In fact, the goal of most professionals who work in the estate planning field is to turn assets into cash and divide them among the heirs as quickly as possible. Most have little experience with families who are trying to preserve legacy assets across the generations. Where do you start? The same way we start looking for anything important — we ask people we trust to give us referrals. A good place to start is your local or state small woodlands association. Other good folks to ask for referrals include your professional forester, your county Extension agent, the professionals you are currently using, members of your church, and, of course, your family, friends, and neighbors. Once you have a list of names, then you need to interview the candidates to see if they have the interests and skills required to help you. Bentz CLINT In the Ties to the Land seminars, I stress the need to put together your own “dream team,” a team of professionals who will help you to achieve your dreams. This team would normally include an attorney to draft documents, a certified public accountant to help with the income and estate tax aspects, a financial planner/ life insurance person to assist with your investments and life insurance, a forester to help with your forest management plan, an appraiser, and possibly a family business consultant who can help you with your family meetings, strategic planning, and succession planning. These professionals can be expensive and you need to use their time wisely. The more organized you are and the more you have thought through what you want to accomplish, the easier it is for them to help you get it done. There are several different worksheets pro- The 2002 National Outstanding Tree Farmer of the Year, and member of AFF’s board of trustees Clint Bentz, of Scio, Oregon, is a CPA; reach him at or (503) 769-2186. 28 Tree Farmer JULY/AUGUST 2010

Table of Contents for the Digital Edition of Tree Farmer - July/August 2010

Tree Farmer - July/August 2010
Table of Contents
Cover Story
Money Does Grow on Trees
Research Roundup
2009 Northeast Regional Tree Farm of the Year
Wildlife Matters
Ties to the Land

Tree Farmer - July/August 2010

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