Estate Planning Opportunities and Strategies for Private Forest Landowners in the Northeast Region

NOTE: Some of the information in this publication is out of date and does not reflect current law.

Michael G. Jacobson and John Becker
The Pennsylvania State University

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Estate Planning Opportunities and Strategies for Private Forest Landowners in the Northeast Region (Full Version)

  • Acknowledgments
  • Chapter I. Course Description
    • How to Use This Book
    • Course Objective and Purpose
    • Overview of Content
    • Performance Objectives - Study Hints
  • Chapter II. Estate Planning and You
    • Consider This Situation
    • Overview and Purpose
    • Lesson Objectives
    • What is Estate Planning?
    • How Does an Individual or Family Plan an Estate?
    • Estate Planning Advisors and the Tools They Use
    • Student Exercises
  • Chapter III. Managing Forestlands with a Focus on the Northeast
    • Overview and Purpose
    • Lesson Objectives
    • Introduction
    • Important Forestry Concepts
    • Developing a Management Plan
    • Valuing Your Forest
    • Income Tax Aspects of Forest Management and Recordkeeping
    • Obtaining Assistance
    • Student Exercises
  • Chapter IV. Property Transfers After Death
    • Overview and Purpose
    • Lesson Objectives
    • Property Transfers After the Death By Operation of Law
    • Transfer By the Intestate Law
    • Transfers By a Last Will and Testament
    • Transfers Through a Trust
    • Disclaimers
    • Comparison of Transfer Methods
    • Student Exercises
  • Chapter V. Tax Aspects of Estate Planning
    • Overview and Purpose
    • Lesson Objectives
    • Federal Income Tax
    • State Inheritance Tax
    • State Estate Tax
    • Federal Estate Tax
    • Federal Gift Tax
    • Student Exercises
  • Chapter VI. Calculating the Federal Estate Tax That an Estate Will Pay
    • Overview and Purpose
    • Lesson Objectives
    • Calculating the "Federal Gross Estate"
    • Valuing Property Subject to Tax — General Rules
    • Valuing a Business
    • Special Use Valuation of Land and Real Estate Used in a Closely Held Business
    • The Qualified Family Owned Business Deduction
    • Paying the Tax that is Due in Full or in Installments
    • Student Exercises
  • Chapter VII. Using Gifts in Estate Planning
    • Overview and Purpose
    • Lesson Objectives
    • What is a Gift?
    • Distinguishing Gift from Other Transfers
    • How Are Lifetime Gifts Used in Estate Planning?
    • Factors Involved in Gift Giving Programs
    • Gifts to Charities and Other Institutions
    • Income, Inheritance, Gift and Estate Tax Issues of Gift Giving
    • Student Exercises
  • Chapter VIII. Conservation Easements: Valuing Property Subject to a Qualified Conservation Contribution
    • Overview and Purpose
    • Lesson Objectives
    • Conservation Easements
    • Tax Aspects of Conservation Easements
    • Student Exercises
  • Chapter IX. Lifetime and Testamentary Trusts Commonly Used in Estate Planning
    • Overview and Purpose
    • Lesson Objectives
    • The Concept of a Trust
    • Creation of Trust and Trust Terminology
    • Using Trusts in Estate Planning
    • Review of Inheritance and Estate Tax Impacts of Trusts
    • Use of Trusts in Forest and Woodland Estate Planning
    • Revocable Living Trusts
    • Student Exercises
  • Chapter X. Life Insurance in Estate Planning
    • Overview and Purpose
    • Lesson Objectives
    • Insurance Terms and Definitions
    • Types of Insurance Policies and Products
    • How is Insurance Used in Estate Planning?
    • Inheritance, Estate, and Gift Impacts of Using Insurance
    • How Much Life Insurance Should I Buy?
    • Student Exercises
  • Chapter XI. Planning an Estate That Involves Forest Land
    • Overview and Purpose
    • Lesson Objectives
    • Pre-planning Decisions
    • Several Key Decisions in Any Plan That Involves Forest Land
    • Strategies to Employ in Planning Forest Land Estates
    • Practical Problems in Forest Land Estate Plans
    • Student Exercises
  • Chapter XII. Planning Estates that Involve Forest Land Assets
    • Overview and Purpose
    • Lesson Objectives
    • Problems
  • Chapter XIII. Let's Plan Your Estate
    • Overview and Purpose
    • Lesson Objectives
    • Determining Objectives
    • Taking the Inventory
    • Family Information - Form 1
    • Estate Summary - Form 2
    • Estimated Federal Estate and State Inheritance Tax
    • Income Information - Form 3
    • Miscellaneous Information for Estate Administration - Form 4
    • Estate Valuation - Form 5
    • Appendix A (State Inheritance, Estate and Gift Taxes)
    • Estate Planning Glossary