Keeping My Woods in the Family

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

• Get to work• Share it with your

community• Just ask!

Start Planning!

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

1. Decide on guests in advance

2. Pick a neutral site3. Prepare an agenda4. Don’t have any

surprises5. Set the rules first

6. Appoint a recorder7. Start with your values8. Be frank about

finances9. Focus on the future10. 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

Questions?