Planning Options All Take Time by Rich Merk

Maine Woodland Owners is committed to helping small woodland owners develop succession plans so they can know their life’s work will be passed on to someone who will continue their stewardship efforts. Here’s another topic to stimulate landowner efforts to develop and improve their plans.

Succession planning should cover any of the possible ways to deal with the disposal of your woodlot. You can sell it as is or give a conservation easement to a land trust, possibly take a tax deduction and then sell the lot. Or you can give it to a land trust in fee while placing limits on its future allowed uses and be done with it – and possibly get a tax deduction. Or you can decide how you want to give it to your family members. The last option can be broken down into at least three alternatives: give different pieces of the land to your offspring, give the land in total to one person, or set up a structure that keeps the land in one piece but owned by all the heirs.

Any one of the possible paths needs thought and work to make it happen. That takes time. Since at least 45% of Maine woodland owners are at least 65 years old, time may be running out for some of us. Some alternatives will take more effort and need more time to plan and execute. Since many of our children live away, travel may be involved and that needs more time. Once you get it all figured out, you’ll need to get your wishes implemented or at least documented in estate planning documents. That will take time, too.

Maine Woodland Owners has begun focusing on succession planning because it is so important that it be done to preserve the wonderful forests of Maine for the future. We’re presenting informational programs through the chapters, and on the website. We are also going to be doing one-day workshops for those who want to attend and learn how to start the process. If we can get grants we will do more. There are also other resources available online, such as “Ties to the Land.”