Estate Planning

No matter your age, as a landowner, a business person, or simply a homeowner with valuables you want to go to someone special, you should be concerned about the future of your business or the distribution of the property in question to the right individual or organization. The intent of estate planning is to plan for the successful distribution of property in accordance with the wishes of the deceased and to do so with a minimum of delay and anguish immediately after the death of an older generation. This is typically one of the most emotional times of our lives and it is best to have the estate distribution plan already in place before this emotional event happens. It helps with the stability and viability of the business to have that plan in place and it can save on federal and/or state estate taxes. So, what if you don’t think you have enough assets to worry about an estate tax? Most professionals would argue that estate planning is not only about avoiding taxation but also about ensuring that your wishes are known to your heirs and that the assets go to those you want to have them.https://digitalcommons.usu.edu/rural_tax/1026/thumbnail.jp

Informing Business-Related Educational Needs Through Facilitated Roundtable Discussions with Forest Landowners and Service Providers

Following a daylong symposium featuring tax-oriented presentations, attendees participated in facilitated roundtable discussions centered on identification of educational needs and challenges associated with the symposium subject matter. Participants discussed their educational needs; challenges related to local, state, and federal tax laws; and recommendations for policy changes. Qualitative data gathered from participants will inform future educational programming and guide discussions about potential policy changes

Modeling the Financial Potential of Silvopasture Agroforestry in Eastern North Carolina and Northeastern Oregon

Silvopasture is the planned and managed agroecosystem in which forage, livestock, and woody perennials are integrated "either simultaneously or sequentially on the same parcel of land." Silvopasture can help mitigate anthropogenic climate change through carbon sequestration in perennial vegetation. We examined silvopasture, forest, and pasture systems in eastern North Carolina and northeastern Oregon. In North Carolina, we evaluated forest and agroforestry systems using loblolly and longleaf pine species. In Oregon, we evaluated forest and agroforestry systems using ponderosa pine. We based the analyses on typical forest and cattle regimes, including yields, costs, and prices obtained from the literature, and consulted with experts in the respective subjects. The financial viability of land management investments was investigated using capital budgeting techniques. Cash flows were developed using 4 percent and 6 percent real discount rates. Analysis suggests loblolly pine timber management and cattle management are more profitable than silvopasture management in eastern North Carolina. Additionally, cattle management is more profitable than silvopasture in northeastern Oregon. Longleaf pine and ponderosa pine are not profitable when solely managed for timber and can benefit financially when combined with livestock

The genomic landscape of balanced cytogenetic abnormalities associated with human congenital anomalies

Despite the clinical significance of balanced chromosomal abnormalities (BCAs), their characterization has largely been restricted to cytogenetic resolution. We explored the landscape of BCAs at nucleotide resolution in 273 subjects with a spectrum of congenital anomalies. Whole-genome sequencing revised 93% of karyotypes and demonstrated complexity that was cryptic to karyotyping in 21% of BCAs, highlighting the limitations of conventional cytogenetic approaches. At least 33.9% of BCAs resulted in gene disruption that likely contributed to the developmental phenotype, 5.2% were associated with pathogenic genomic imbalances, and 7.3% disrupted topologically associated domains (TADs) encompassing known syndromic loci. Remarkably, BCA breakpoints in eight subjects altered a single TAD encompassing MEF2C, a known driver of 5q14.3 microdeletion syndrome, resulting in decreased MEF2C expression. We propose that sequence-level resolution dramatically improves prediction of clinical outcomes for balanced rearrangements and provides insight into new pathogenic mechanisms, such as altered regulation due to changes in chromosome topology

Extension Forestry and Family Forest Owners: A Data Source

Family forests account for 92% of private forest owners in the United States and 62% of private forestland acres. These are the main clients of Extension forestry. The most recent National Woodland Owners Survey (NWOS) was completed in 2006, and, besides the published results, the U.S. Forest Service has developed NWOS Tablemaker, which can develop useful tables from these data. Tables can be developed to illustrate family forest ownership trends, demographic characteristics, forest management and timber harvesting activities and plans, and forest management information sources. This is an ideal tool to get a handle on family forest owners

Determination of timber and land tax basis for your forest land

This Forestry and Natural Resources Fact Sheet 107 by Clemson University Extension Services provides information on the determination of timber and land tax basis for your forest land

Effect of the Federal estate tax on rural land holdings in the USA. Chapter 20

There is considerable evidence to indicate that the effect of the federal estate tax on transfers of rural landholdings is increasing. The number and percentage of estates in general that owe federal estate tax is increasing year by year (Internal Revenue Service, 1996; Herman, 2001). Urban Expansion (US Department of Commerce, 1992; Harris and Deforest, 1994) and gentrification of the areas surrounding cities have driven up the value of much of the nation\u27s rural land. Sharply increased stumpage prices (Morrow and Fritschi; 1997) have also driven up the timber component of forestland value. And the stringent requirements for \u27special use\u27 valuation - which permits working land to be appraised for estate tax purposes at its value in use rather than its highest and best use - make it difficult for managed forestland to qualify for and remain under the provision

Socioeconomic Predictors of Family Forest Owner Awareness and Use of U.S. Federal Income Tax Provisions

Family forest owners (FFOs) control a majority of private forestland in the United States and have widely diverse ownership and management objectives. Many FFOs manage their holdings for timber production and, thus, are concerned with issues such as reforestation incentives and tax treatment of timber revenues. Their actual knowledge of the tax aspects of timber management varies, with some owners even unaware of the federal income tax provisions that apply to timber. This research used econometric techniques to establish socioeconomic predictors of FFO awareness and use of federal income tax provisions. Socioeconomic factors (such as size of forest holding, ownership objective, education, age, and income) were evaluated in terms of association with awareness and use of income tax provisions. Data were obtained from a survey of 1350 South Carolina FFOs (472 useable responses). A two-step sample selection methodology revealed that membership in a landowner organization and size of forest holding positively influence landowner awareness of the seven tax provisions, while ownership objective and level of education exhibited varying degrees of influence. Overall, the findings suggest that size of forest holding is the key determinant that influences landowner use of the provisions. These tax incentives are one of the foundations of federal policies encouraging active forest management by FFOs and the effectiveness of the various incentives has crucial implications for forest policy analysis