1. Carrying Stewardship Forward: Love Your Land? Make A Plan. Slide presentation prepared by: The Cornell and Penn State Legacy Planning Team

2. Pennsylvania’s Forests  738,000 private forest landowners in PA  They manage nearly 70% of the state’s forests  Most forest landowners (over 65%) own less than 10 acres  The future of Pennsylvania’s forests depends on the stewardship of private forests

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

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

5. Pennsylvania’s 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 owner’s goals

6. Pennsylvania’s 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 owner’s goals

7. Pennsylvania’s 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 can’t afford land or estate taxes or current owners need retirement income

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?

9. Legacy Planning Leaving a Legacy Planning for the Future Caring for the Land …it’s carrying forest stewardship into the future

10. Estate Planning Family or Future Land Manager Long-term Stewardship

11. Long-Term Stewardship  Management actions reflect a landowner’s 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

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 plan’s goals

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

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

15. Estate Planning Family or Future Land Manager Long-term Stewardship Legacy planning extends your plan beyond your tenure

16. TAKE STEPS TO GUIDE THE FUTURE OF YOUR LAND 10 Steps to Legacy Planning

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

18. Step 1: Make a Commitment to your land and its management. It’s never too late nor too early to involve future owners in the use, management, and enjoyment of your land.

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.

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

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

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.

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.

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.

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)

26. Step 9: Discuss your options and record important decisions Then implement your plan. Create a calendar to keep your plan up-to-date.

27. Step 10: Create Fond Memories Get your family and friends out to work and have fun on the property.

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

29. KNOW THE RESOURCES THAT WILL MAKE YOUR PLAN A REALITY Tools and Resources for Legacy Planning

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.

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

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”

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

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

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

36. Thoughts and Discussion? For more information: http://SuccessionPlanning.Ning.com

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