Ties to the Land: Succession Planning for Forestland Owners

This workshop is designed for forestland owners interested in planning for the future. We will cover a succession planning framework designed to meet your own vision and goals for your rural property. Learn tips for dividing the succession planning process into manageable sections. We will cover considerations for holding family meetings, developing a succession plan timeline and strategies for engaging your successors.

*Pre-registration is required! Multiple generations for each family are encouraged to attend this workshop. Snacks and drinks provided!

Details:

In this workshop, families will be guided through a workbook. This workbook is designed to help you through the succession planning process and provide a succession planning framework — a starting point for conversing about this topic and reference information about the different options available. The workbook divides this large task into manageable sections by describing individual parts of the planning process and providing worksheets that can help document your planning progress. The succession planning process described is a suggestion and can be adapted to fit your needs.

• Build ties to the land: Begin building relationships with potential successors, managers or new owners on the land so that they understand its value and your legacy of stewardship.
• Assess your financial situation: Estimating the value of your assets and locating your legal and financial documents will help prepare you for future conversations and planning.
• Goals for the future: Establish a vision and set of goals for your land, business, retirement and planning process to clarify the desired outcome for your plan.
• Expand the conversation, engage the future: Expanding the conversation to others you want to be involved in your succession plan will entail one-on-one conversations followed by larger meetings.
• Create a succession plan: After you’ve gathered information about your land and assets, defined your vision and goals, and held meetings, you will begin creating your succession plan.
• Craft an estate plan: Consider the legal and financial documents that support your succession plan with the help of your professional advisors.
• Establish a timeline: A timeline will help you stay on track for your succession plan and allow you to revisit your succession plan and make changes as time passes.