You’ve heard us cover the topic of Farm Succession Planning over the years—but, if you’re an Indiana Woodland owner, you may also want to have a succession plan in place as well.
“Surveys show that over one-third of woodland owners are 65 years or older, and a whole lot of lands are going to be passing onto the next generation over the next 20 years,” according to Liz Jackson, Executive Director of the Indiana Forestry and Woodland Owners Association (IFWOA).
Both IFWOA and Purdue Extension are hosting a series of web seminars this Spring that deal specifically with Succession Planning for woodland owners.
“We’re going to have four sessions and it’s going to be via Zoom,” says Jackson. “They’re going to be on Monday nights starting March 24 at 7:00 p.m. Eastern.”
“We have a registration cost of $25 per family—and that can go for as many family members as you want to invite. We’ll also have those sessions recorded and sent to registrants afterwards if you don’t think you can attend every session.”
She says there will be a different theme and topic for each of the four webinars:
- MARCH 24: Why plan?—and goals of planning
- MARCH 31: Managing family dynamics
- APRIL 7: Family meetings and communication
- APRIL 14: Legal and estate issues
Jackson says that the biggest challenge with starting the conversation of succession planning is that many families fear they may end up creating a “Family Feud” even before the property is passed on to the next generation.
“One of the barriers to why people don’t get started with succession planning is because family dynamics are so tough,” says Jackson. “Relationships and communications can be difficult, and there are a lot of decisions that need to be made. Parents tend to want to be fair to everyone, but that doesn’t necessarily mean that it’s going to be equal. If you have to find an equitable solution, all of that is tough to do.”
However, she adds it’s best to put those fears aside and have that succession plan in place to protect both your heirs and your property.
“During the transition of ownership is often when land is cut up into smaller Parcels or converted from forests and developed and so families may want to keep their land forested and in the family so succession planning can help ensure that smooth transition to the next family members,” says Jackson.
The deadline for signing up for the web seminar series is Friday, March 21.
CLICK HERE to register for the Succession Planning web seminars for Indiana’s woodland owners.
CLICK BELOW to hear C.J. Miller’s conversation with Liz Jackson, Executive Director of the Indiana Forestry and Woodland Owners Association (IFWOA).
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