Who’s Up Next? - University Of Maryland...Who’s Up Next? Forestry Friday March 29, 2019 Jennifer E. Jones K Rossbow Jennifer Jones GROUND 2 What It Looks Like 63 million 37 million

3/31/2019

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Who’s Up Next?

Forestry Friday

March 29, 2019

Jennifer E. Jones

K Rossbow

Jennifer Jones GROUND 2

What It Looks Like

63 million37 million

100 million 80%

1.8 million 3% 2.4 million

Jennifer Jones GROUND

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Why Do You Own Woodlands?


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Why Woodlands?

Enjoy the beauty

Protect/improve wildlife habitat

Preserve for future generations

Part of your home/farm

Privacy


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Generation NEXT Heirloom Scale

Continuum of Desire to Pass on Land Intact

1 = My woodland is one of the financial assets in my portfolio and nothing more.

10 = My woodland is priceless family heirloom to

be protected at all costs.


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So Here’s the Question

Statistic or Successful Succession?


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Success or Statistic?

More than 80% of family forest owners want to keep their land intact

More than 80% are concerned it won’t happen


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Challenges are Complex

• Development pressures• Weak markets• Property taxes• Retirement funds• Health care expenses• Multiple heirs • Family dynamics


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INTENTIONAL

Every one has an estate plan. It’s either yours or

someone else’s.Stephen Lytle


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Go Beyond the BasicsSuccessful Conservation-Based Estate Planning

Will, POA, Medical Directive

Clear Title

Legal Succession Document (LLC, Trust, etc.)

Vision Statement

Forest Property Overview

Forest Stewardship Plan

Operations PlanJennifer Jones

GROUND 11

Know the Benefits …

1. Ensure the orderly transfer to heirs 2. Provide overall piece of mind3. Provide asset protection 4. Reduce family disputes5. Keep wooded land intact

BUT…Jennifer Jones GROUND 12

Knowledge ≠ Actions

79% of survey respondents have no written legacy plan … despite wanting

what legacy planning can do…

IN the FAMILY, IN WOODS and INTACT

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More Inaction

Forest Stewardship Management Plan = 25%

11% completed

Forest Overview = 27% 7% completed

Vision for Land = 35% 12% completed

Conservation easements or other = 46% 8% completed


What’s in the Way of Getting into the Fray?

1. Don’t want to lose control

2. Taxes and regulations

3. Family dynamics


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….dealing with succession planning and farm transfer is sort of like taking on a porcupine…it's prickly and hard to approach - a creature one would just as soon avoid entirely.Jennifer Jones

GROUND

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It’s Always About Family Dynamics


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It Will Just

Show Up


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Your Plan or ?

Two choices:

Plan for your the transition on your terms

Let others decide for you

NO 3rd choice


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Be Intentional

“Seeing all the things that happened to my family… I don’t want this to happen to me… they had no plan, thought the

children would be OK…it just exploded.”


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Get the Right Information

Learn from the experts

Select your team

Go behind the basics

Be willing to go where you might not want to go …


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Master

the

Porcupine


Family Dynamics

“You have to get everybody to the table and hash it out,

pleasant or not, in order to make the best decisions for the

asset and for the family.”


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Family is Critical

“I’d like to keep the land in the family… bloodline means a lot. That’s basically what [legacy

planning] means to me.”

”I worry whether they’ll see the need and have the love of the land. I’m trying to pass on my passion and hope that their love for me will be enough to

keep it.”


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Where Will the Next Gen Be?

IN OUT


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Now or Later

Succession will happen

Prevent the unintended

Plan for continuity

Don’t become a statistic

Jones D 27

The First Step

Photo by Jess Hurd

What do you want for your Land?


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What three words come to mind when

you think about your forestland property?

What is the one thing you most wish or hope for about your property in the future?

List your three fondest memories, that took place on your forestland property.

Where are you on the heirloom scale?

Where do you think your spouse is?

And your heirs?


Declare and Share

VISION STATEMENT FOR YOUR WOODLANDS

David Watson, University of Wisconsin


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Share Often

“Succession planning is hard and slow work… Begin as soon as possible.”

“It rarely goes quickly…”

Create the time and the space for family dialogues.

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Clint Bentz, Ties to the LandJennifer Jones GROUND

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What’s in the Way?

“These conversations ruin every holiday.”

“It’s going to get messy quick.”


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Plan for Continuity

Your Vision

Heir Assessment

Family Dialogue


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Most Willing? Most Able?

Your family needs to know your vision

You need to know who will best to carry it out.

Heir Assessment is equally important.


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... And it just might not be about the math…


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Sheila McClune©


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Family Dialogue

The Three C’s:

1. Commitment2. Clarity3. Competency


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Family Dialogue

Deal with the emotions before the emotions become the issue.

Lisa Stewart

Talk early and talk often.

Dale Susan Edmonds

Beware of their 12-year old selvesDale Susan EdmondsJennifer Jones

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Family Meeting

1. Agenda

2. Rules of Engagement

3. Next Steps

4. Remember:

Your Meetings. Your Vision.

Your Decisions.


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Family Dialogue

It’s not an event. It’s a process.

Be prepared.

Be persistent.

Be patient.


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START NOW

DECLARE and

SHARE

SET UP YOUR TEAM

CHOOSE AND PLAN


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Keep ‘emInvolved

Keep Current

Keep Sharing

Keep Ahead of It Be Intentional

Your Vision

Your Choice

Your Job!


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Master

the

Porcupine


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THANK YOU!Jennifer E. Jones,

GROUND™[email protected]\ 45

Documents

Who’s Up Next? - University Of Maryland...Who’s Up Next? Forestry Friday March 29, 2019 Jennifer E. Jones K Rossbow Jennifer Jones GROUND 2 What It Looks Like 63 million 37 million