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Keeping My Woods in the Family - PowerPoint PPT Presentation
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Keeping My Woods in the Family. Your Legacy. You love your woods You want to keep it in your family Are you confident that will happen?. Your Legacy. Build Your Families Connections to Your Woods . Tell a story Take a hike Have fun!. Build Your Families Connections to Your Woods .
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Presentation Transcript
Your Legacy
- You love your woods
- You want to keep it in your family
- Are you confident that will happen?
Build Your Families Connections to Your Woods
- Tell a story
- Take a hike
- Have fun!
Build Your Families Connections to Your Woods
- Get to work
- Share it with your community
- Just ask!
Questions to Ask
- Is my property an asset or an heirloom?
Questions to Ask
- Does my family share my love of the property and my desire to keep it?
Questions to Ask
- Do I wish to divide my property among family members?
- Give it to only one family member?
- Or give it to the family as a whole to jointly own?
Questions to Ask
- Have certain family members contributed more of their time and energy?
- Are in-laws or stepchildren part of the family?
Questions to Ask
- Who in the family will make decisions about the property?
Questions to Ask
- How will my family manage and pay for my land?
- Will they be able to cover taxes and other costs?
- Do I know what those costs are?
Top Ten Family Meeting Dos and Don’ts
- Decide on guests in advance
- Pick a neutral site
- Prepare an agenda
- Don’t have any surprises
- Set the rules first
- Appoint a recorder
- Start with your values
- Be frank about finances
- Focus on the future
- Make sure to follow up
Working with a Professional
- How do you find?
- Look for someone:
- Has significant experience
- Specializes in estate planning and succession
- Connects with you
- Good reference
Protect Your Woods Permanently
- Facts about Conservation Agreements/Easements:
- Voluntary conservation agreement
- Legally binding
- Ensure that land will never be developed
- Can be tailored to meet your needs
- You can choose who you work with (land trusts, government agencies)
- Can reduce estate taxes
