Tree Farmer - November/December 2010 - (Page 40)

By Bentz CLInT The costs of not Planning The real question though is what is the cost of not planning? When we acquire real property, we receive a deed or title to that property. If we are married and the title is in the name of the husband and wife, then the property will automatically pass to the surviving spouse at the first death whether or not there is a will. While this is simple, it may not be what you want to happen, especially if you have a taxable estate or if you are not sure your spouse shares your goals for the property. In these cases, you may want to own the property in your own 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. ties to the land 40 Sam and Betty johnson purchased their woodland more than 40 years ago. They raised their children on the property and have invested a significant amount of their time, talent, and treasure through the years turning it into something of which they are both proud. They continue to plant trees and make other investments knowing they will not live long enough to see the fruits of their labors, but they do it because it is the right thing to do for the land. This is an intensely personal project for them, and they haven’t yet involved their children in any meaningful way. Their children have all moved out of the house, received good educations, and have their own busy lives. Instinctively, Sam and Betty know they need to do something to protect the land after their passing, but they have done more than leave the property to their children jointly in their wills. does this couple sound like anyone you know? In our Ties to the Land seminars, we ask people what holds them back from getting started in their estate planning. Something we hear a lot is that the costs of legal and professional fees for this planning are a barrier. These costs can be significant, although with advance preparation such as what you receive in one of our seminars, these costs can be reduced. International Year of Forests, 2011 Tree Farmer NOVEMBER/DECEMBER 2010

Table of Contents for the Digital Edition of Tree Farmer - November/December 2010

Tree Farmer - November/December 2010
Contents
How to Develop an Investment Strategy
Buyer’s Guide & Resource Directory
Associations & Organizations
Communication – Satellite Phones & GPS
Consulting Foresters & Managers
Co-op Resources
Equipment Financing
Fertilizers, Herbicides & Repellents
Financing & Credit
Forest Appraisal, Analysis & Management
Forest Measuring Instruments & Software
GPS & Satellite Phones
Insurance
Land Sales
Portable Sawmills
Pressure Treated Products
Real Estate Brokers
Resources
Seeds & Seedlings
Specialized Excavating for Erosion Control
Supplies, Gifts & Apparel
Timber Buyers & Loggers
Timber Pricing Services
Tools & Equipment
Trail Layout & Construction
Tree Paint & Markers
Tree Protectors & Shelters
Wood Manufacturers
Agencies
Associations & Organizations
Cooperative, State Research, Education & Extension Services
Grant, Loan & Cost-Share Programs
Tree Farm State Contacts
State Foresters
Taxing Issues
Sharing Your Experiences
Ties to the Land
Sharing Your Experiences
Tools & Techniques

Tree Farmer - November/December 2010