Tree Farmer - November/December 2009 - (Page 42)

Succession ties to the land By vs.Estate Planning The saddest stories, however, are from those families that know what they wanted to do, but did not get their estate planning documents in order. I recently heard such a story. Dad owned a large ranch here in the West that had both cattle and timber as the main sources of value and income. This ranch had been owned by the family for more than 100 years. Dad’s daughter, his only child, had her own herd of cattle that she ran on the ranch. She was very involved in the operation of the ranch and it was an important part of her heritage and identity. Her son, Dad’s grandson, was also building up his own herd of cattle and was involved in the day-to-day operations of the ranch. 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. Bentz cLint nothing motivates us to action like witnessing the painful mistakes of our neighbors. in our Ties to the Land seminars we discuss the important difference between succession planning and estate planning. We define succession planning as preparing your property and your family for a change in ownership and leadership. estate planning is the process of understanding and using the set of legal tools that are available to make sure your succession plan happens the way you want it to happen. talking about the tools before you have the plan is like packing your bags before you decide what kind of trip you want to take. Many families make this mistake and have spent large sums on elaborate estate planning documents without having ever stepped back and asked what they wanted to accomplish in the first place. Tree Farmer NOVEMBER/DECEMBER 2009

Table of Contents for the Digital Edition of Tree Farmer - November/December 2009

Tree Farmer - November/December 2009
Contents
Safety 101: Using Small Woodlot Equipment
Buyer’s Guide & Resource Directory
Consulting Foresters & Managers
Associations
Fertilizers, Herbicides & Repellents
Forest Appraisal, Analysis & Management
Forest Measuring Instruments & Software
Insurance
Resources
Land Sales
Seeds & Seedlings
Real Estate Brokers
Timber Buyers & Loggers
Supplies, Gifts & Apparel
Timber Pricing Services
Tax Advice & Timber Taxes
Tools & Equipment
Tree Paint & Markers
Tree Protectors & Shelters
Wood Manufacturers
Agencies
Associations & Organizations
Tree Farm State Contacts
Grant, Loan & Cost-Share Programs
Cooperative, State Research, Education & Extension Services
State Foresters
Make Your Home and Forest Fire Resistant
Taxing Issues
Ties to the Land
A Safe Harbor for Two Threatened Species
Tools & Techniques
Timberland Liability - Are You at Risk?

Tree Farmer - November/December 2009

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