Sometimes We Need Outside Help

A lot of woodland owners are used to doing everything themselves. They are a pretty independent lot, and get along just fine without outside help – unless it’s provided by family, friends and neighbors who are typically just like them. Succession planning and implementation is an area that breaks with that custom and requires outside professional help. It may be needed from attorneys in preparing the wills and other estate planning paperwork to put the succession plan in place. Or, professional help may be needed to get all the estate and income taxes calculated and documented.

Other professional help may be needed from real estate appraisers to determine what the value is of the involved assets before and after a gift is made or a conservation easement is placed on a woodlot. A deduction on a tax return may not hold up with the IRS if it’s not done by a licensed professional appraiser.

And finally, a multi-generational family may need help dealing with the sometimes dysfunctional social interactions, beliefs, problems and needs of all the family members involved with planning and implementing a succession plan for a family woodlot. Many woodland owners postpone doing their plan because they’ve experienced family members’ inability to agree on anything. Instead, the owners leave the problem of what to do until they are gone. Then the land may suffer because the next generation still cannot agree, and the property gets sold to an unknown future user, who may abuse the land. – Rich Merk

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