Carrying Stewardship Forward: Love Your Land? Make A Plan. Slide
presentation prepared by: The Cornell and Penn State Legacy
Planning Team Slide 2 Pennsylvanias Forests 738,000 private forest
landowners in PA They manage nearly 70% of the states forests Most
forest landowners (over 65%) own less than 10 acres The future of
Pennsylvanias forests depends on the stewardship of private forests
Slide 3 Forest Stewardship is the wise management and use of our
forest resources to ensure their health and productivity for years
to come Most landowners express a commitment to the land and want
to be good stewards They do this by caring for the soil, water,
plants, and wildlife Ownership objectives may take years to achieve
Slide 4 Forest Stewardship However, many landowners neglect to
create a legacy for future generations While current owners cannot
control what happens on the land beyond their tenure, they can take
steps to guide its stewardship Thus, forest stewardship depends on
the creation of a legacy plan to guide future management decisions
Slide 5 Pennsylvanias Forests One of the most persistent threats to
land stewardship happens when it changes ownership Changes in
ownership often result in management and use decisions that do not
reflect the previous owners goals Slide 6 Pennsylvanias Forests
While 80% of forest owners plan to keep forestland in the family
Only 40% have discussed the plan with their children Only 35% of
children are involved with the current forest plan Even fewer
landowners have a plan in place Changes in ownership often result
in management and use decisions that do not reflect the previous
owners goals Slide 7 Pennsylvanias Forests Without a plan, land may
be lost in the future to Development Conversion to non-forest uses
Unplanned sale of timber to generate cash for estate taxes Land
sale to pay estate taxes In fact, money concerns are the #1 reason
why land may not stay within family For example, heirs cant afford
land or estate taxes or current owners need retirement income Slide
8 How Many of You Have A long-term forest management plan? A will?
An estate plan? A business plan that will survive your passing,
such as a limited liability company? Discussed your long-term goals
with your spouse? With your children? Groomed a successor? Slide 9
Legacy Planning Leaving a Legacy Planning for the Future Caring for
the Land its carrying forest stewardship into the future Slide 10
Estate Planning Family or Future Land Manager Long-term Stewardship
Slide 11 Long-Term Stewardship Management actions reflect a
landowners values and goals for achieving a healthy and sustainable
forest for years to come Many landowners have a plan (in their
heads), but few have a written plan Legacy planning extends your
plan beyond your tenure Slide 12 Family or Future Land Managers
Beneficiaries are a part of the long-term strategic planning of
your woodlands Share and refine the stewardship plan with family
members and/or other successor(s) Create a cooperative environment
where everyone buys-in to the plans goals Slide 13 Estate Planning
A will specifies how your estate, the total of all your assets,
will be distributed Estate planning is the process of understanding
and using the legal tools available to ensure your legacy plan is
successfully carried out Slide 14 Legacy Planning Legacy planning
is comprised of land stewardship, ongoing communications with the
next owner, and estate planning It is a strategic planning process
to achieve a joint vision and objectives for the property and a
smooth transition between you and future owners Together, you
determine how the land will be managed The written plan contains
the legal documents and planning tools necessary to achieve your
vision Slide 15 Estate Planning Family or Future Land Manager
Long-term Stewardship Legacy planning extends your plan beyond your
tenure Slide 16 TAKE STEPS TO GUIDE THE FUTURE OF YOUR LAND 10
Steps to Legacy Planning Slide 17 10 Steps At a Glance 1.Make a
commitment 2.Gather information 3.Write down your interests and
develop your goals 4.Discuss these goals with your family or future
landowner 5.Seek help from a natural resource professional
6.Consult with qualified professionals 7.Access unbiased, research-
based information 8.Develop a business model 9.Discuss your options
and record important decisions 10.Create fond memories Slide 18
Step 1: Make a Commitment to your land and its management. Its
never too late nor too early to involve future owners in the use,
management, and enjoyment of your land. Slide 19 Step 2: Gather
Information about your land and other assets in preparation for a
meeting with your family or other beneficiaries of your land.
Topographic maps of the property Other property information (like
acreage details, zoning, roads) Stewardship action plans Records of
previous activities (like harvests and plantings) Lists of engaged
individuals and companies who have worked on the property. Slide 20
Step 3: Write Down Your Interests and Develop Your Goals for the
property based on your values. Ask Yourself: What do I love about
my woodlands? What do I want for the future of my woodlands? Write
down what you value; make it concrete for yourself Slide 21 Step 4:
Discuss Goals with Your Family or Future Landowner Develop a shared
vision for the future of the land. Ask your heirs what they love
about and hope will happen to the land Listen and learn Articulate
what you love about and hope will happen to your forestland Slide
22 Step 5: Seek Help From a Natural Resources Professional Start
with a forest consultant who can create a stewardship action plan
for your woodland. State service foresters are also a good starting
place. They can provide information and resources, but cannot do
any of the work for you. Slide 23 Step 6: Consult with Qualified
Professionals Knowledgeable about Forest Estates For example, a tax
attorney or accountant, an estate-planning attorney, a financial
advisor or investment expert, and land trust specialists. Find
professionals who are competent and understand your situation as a
forest landowner. Ask for referrals from friends, neighbors, or
people who belong to your local forest owner association. Be sure
that your goals for the land are clear before turning to these
professionals. Slide 24 Step 7: Access Unbiased, Research-based
Information from sources such as Cooperative Extension. Ask
questions and connect with other landowners through regional and
county woodland owner groups. Slide 25 Step 8: Develop a Business
Model that will allow the next owner to keep the property intact
and functional. Potential options: Limited Liability Company (LLC)
Conservation easement Family Limited Partnership (FLP) Slide 26
Step 9: Discuss your options and record important decisions Then
implement your plan. Create a calendar to keep your plan
up-to-date. Slide 27 Step 10: Create Fond Memories Get your family
and friends out to work and have fun on the property. Slide 28 10
Steps At a Glance 1.Make a commitment 2.Gather information 3.Write
down your interests and develop your goals 4.Discuss these goals
with your family or future landowner 5.Seek help from a natural
resource professionals 6.Consult with qualified professionals
7.Access unbiased, research- based information 8.Develop a business
model 9.Discuss your options and record important decisions
10.Create fond memories Slide 29 KNOW THE RESOURCES THAT WILL MAKE
YOUR PLAN A REALITY Tools and Resources for Legacy Planning Slide
30 What Should I Be Communicating? Ask Yourself: What do I want for
the future of my woodlands? What do I hope for the land after I am
gone? Then ask the same questions of your beneficiaries The intent
is to understand the values and visions for the land held by those
you hope will carry your stewardship plan forward. Develop shared
goals for the future of the land. Slide 31 Communication and
Planning Develop a shared vision and goals for the land Consider
the Following Resources: Legacy Planning Case Study Videos; Forest
Story Cards; Ties to the Land; Your Land, Your Legacy This is
achieved through: Family meetings Selecting advisors Grooming
leaders Preparing successors Slide 32 Legacy Planning Team Heirs or
Future Owners Consulting Forester Financial or Investment Advisor
Attorney Accountant Keyword searches: Legacy Planning Legacy Estate
Planning Forest Estate Planning Legacy Planning Services Legacy
Advisors Legacy Wills Slide 33 The Ning Website Resources are
available at: SuccessionPlanning.Ning.com Where you can: Browse
articles and other resources Read about other landowner experiences
Ask questions and connect with other landowners Find out about
upcoming workshops View a directory of estate planning
professionals recommended by other landowners Slide 34 What Can You
Do? Articulate what you love about and hope will happen to your
forestland Write down what you value Make it concrete for yourself
Ask your heirs what they love about and hope will happen to the
land Listen and learn Slide 35 What Can You Do? Seek out resources
and tools that can help you make a plan Learn about options and ask
for advice from those who have successfully planned Communicate
with those you expect to carry your stewardship forward Work
together to: Create a plan of action and implement it Decide on
alternatives Enjoy the land Create memories that will extend long
into the future Slide 36 Thoughts and Discussion? For more
information: http://SuccessionPlanning.Ning.com Slide 37 The
Cornell and Penn State Legacy Planning Team Shorna Allred Associate
Professor Cornell U. Dept. of Natural Resources Peter Smallidge
Senior Extension Associate Cornell U. Dept. of Natural Resources
Gary Goff Senior Extension Associate Cornell U. Dept. of Natural
Resources Maureen Mullen Extension Aide Cornell U. Dept. of Natural
Resources Jim Finley Professor Forest Resources Penn State U. Dept.
of Ecosystem Science and Management Allyson Muth Forest Stewardship
Program Associate Penn State U. Dept. of Ecosystem Science and
Management Andrew Purrington Doctoral Candidate Penn State U. Dept.
of Recreation, Park, and Tourism Management
