Estate Planning
Estate planning means planning for the willful transfer of personal property over time and after death. When it comes to a family forest, estate planning isn’t just about taxes. It is also about developing a forest legacy that future generations can share, enjoy, and enhance.
Estate planning begins with determining your property goals and objectives. Ties to the Land describes seven steps for successful estate planning:
- Estimate the value of your property
- Establish your vision and goals
- Expand the conversation to the rest of the family
- Create a succession plan
- Create an estate plan
- Build your family’s ties to the land
- Create a calendar to implement your plan
Resources
- We can assist you with creating a Forest Stewardship Plan for your property. This can help you think about your land objectives, ways to maintain forest health and productivity, and develop a timeline of activities for the future.
- Forestland in the future can even offer tax advantages. Information is available through the Forest Legacy Program or Texas Land Trust Council.
- Got Land and Plan My Land are apps that assists potential or new landowners during the initial stages of acquiring or owning property by providing management information and resources based on the property goals selected.
- The National Timber Tax Website provides tax management information for timberland owners. It was developed for timberland owners, and a reference for accountants, attorneys, consulting foresters, and other professionals who work with timberland owners regarding the tax treatment of timber related activities.
- Agriculture, Timberland, and Wildlife Management Use Special Appraisal can be applied for annual tax purposes. The Texas Constitution and Tax Code provide that certain kinds of farm and ranch land be appraised based on the land’s capacity to produce agricultural products (productivity value) instead of at market value. Landowners can apply for special appraisals based on the property’s productivity value. The land’s ability to produce agricultural or timber products determines the productivity value, which is usually lower than the market value. Texas A&M Forest Service offers Tax Assistance and hosts an annual Timber Income and Property Tax Workshop.
