estate taxes and planning for family forest owners taxes and planning for family forest owners dr....
TRANSCRIPT
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Estate Taxes and Planning for Family
Forest Owners
Dr. Tamara Cushing
July 26, 2013
National Tree Farmer Convention
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There are two camps when
you talk about estate
planning:
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Those who are scared
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or don’t want to talk about death
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And those who see opportunity
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And a chance to provide for the future
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Why are you here?
O I don’t want my hard-earned money going to
the IRS
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Why are you here?
O I don’t want my hard-earned money going to
the IRS
O I want my family to be taken care of when I
die
O I spent a lot of money and time in those
woods and I want the land to stay in forests
O Nothing else to do
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Why I’m here
O Interested in keeping land in forests
O Interested in keeping your money out of the
fed’s pockets
O I love talking taxes
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The disclaimers…
O Tax law is very complex
O Often hinges on details
O Always changing
O NOT tax advice
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Agenda
Why plan?
Why not?
How to get started
How to lower estate tax
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What exactly is my estate?
Cash and bank accounts
Stocks and bonds
House & belongings
Insurance policies?
Business assets
Land & trees
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Estate Tax Basics
O All assets are valued as of date of death
O Valued at Fair Market Value
O Alternate Valuation Date
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Why is estate planning important?
O Long planning horizon for forests
O Illiquid asset
O Appreciation of woodland assets above
inflation
O Surprise when valued after death
O Describes what happens to your property
when you are gone
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Why people don’t plan
O “I don’t have enough assets to worry about”
O “Planning costs too much”
O “I don’t want to think about dying”
O “I don’t want to worry my kids by talking about my death”
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“I don’t have enough assets to worry about”
O Are you land rich and cash poor?
O how would you know the answer to this?
O Land and timber are appreciating assets
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“Planning costs too much”
O Valid argument but what is the alternative?
O 33% of estates surveyed in 1998 study paid federal estate tax
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“I don’t want to think about dying”
O It is often quoted that two things in life are certain, death and taxes.
O Death is inevitable, we will all die one day. It is best that you have your family prepared for life afterward with as little hassle as possible
O This is the hardest part, opening the dialogue
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“I don’t want to worry my kids”
O Chances are they’ve thought about it but are
uncomfortable bringing it up.
O Find a time to discuss with your family.
Everyone will benefit.
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How do I get started?
O Determine your goals
O Continuity of forest management
O Keep in family
O Direction for management
O Restrictions on use (what are the implications
of this?)
O Minimize transfer costs
O Provide for dependents and heirs
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What are your goals?
O Do all family members have the same goal?
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What does the property mean to you?
O On a scale of 1 to 10
O 1 = financial asset only
O 10= priceless family heirloom
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Talk Talk Talk!
O Communication is key
O Talk to heirs
O Understand (without judging) the choices
they are likely to make
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How do I get started? O Form your planning team
O Consulting forester
O Tax planning attorney
O Accountant
O Executor
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How do I get started?
O Collect information
O Value of your assets
O Future appreciation
O Basis of assets
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Valuing your assets
O Value = quantity x price
O Inventory & current market prices
O Assets valued at fair market value on date of
death (in general)
O Fair market value – price which property
would change hands between willing buyer
and willing seller neither under any
compulsion to buy or sell and both having
reasonable knowledge of all relevant facts
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More on valuation
O Estimate price appreciation by looking at
price trends and using knowledge of market
(consultant handy for this)
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What is basis?
O A measure of an owner’s investment in a
capital asset
O Capital asset: generally property held by the
taxpayer
O Does not include inventory, depreciable
property
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Why Do I Need Basis?
O Very important at the point of sale
O Will reduce your taxable gain!
O Also important for gifts
O Helps determine donee’s basis, gift tax due
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Time of Sale
O Determination of taxable gain
O Sales price – basis - expenses
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Determination of Basis
O Purchase
O Gift
O Inheritance
O Exchanges
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Property received through inheritance
O Basis equal to fair market value
O At date of death or alternate valuation date
O If special use is elected, that value is used
O Results in a “stepped-up” basis
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How do I figure out my basis if it was never done?? O Called a retroactive basis determination
O Requires research
O Will need to determine timber prices
O Volume estimation
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Who do you want to inherit your property?
O Spouse
O Children
O Grandchildren
O Siblings
O Nieces & Nephews
O Friends
O Charitable or Conservation Organizations
O Your college?
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Prepare a will
O Properly executed legal document directing
how to handle your assets
O Need solid legal advice
O Without one, considered intestate
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Have a management plan!
O Tells heirs what your plans were
O Allows for continuity of management
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How do I get started?
O Determine your goals
O Form your planning team
O Collect the information
O Talk Talk Talk
O Prepare a will
O Have a management plan
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Changes to Estate Tax
O 2012: 35% $5.12 M
O 2013: 40% rate
O $5 million effective 2011
O Portability
O Indexed for inflation
O $5.25 M
OPermanent
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How to lower estate value?
O Use both exemptions ($5.25 million each)
O Gifts ($14K)
O Charitable contributions
O Special-use valuation
O Many other tools, talk to your attorney!
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Special-Use Valuation
O Allows land to be valued at its current use
rather than highest and best use
O Up to $1,070,000 reduction in value
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Special-Use Valuation
O Must transfer to qualified heir
O Used as farm for 5 of past 8 years
O Must have participated in farm activity
O Value of property must be at least 25% of
total estate
O Combined value of real & other business
property at least 50% of gross estate
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Postdeath Requirements
O Continued ownership
O Material participation
O Qualified use continues
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Material Participation Rules
O Taxpayer participates more than 500 hours
during year
O Personal participation is substantially all of
participation for tax year
O Taxpayer participates more than 100 hours,
no one else participates more
O Taxpayer has participated for any 5 of past
10 tax years
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Material Participation Rules
O Taxpayer’s aggregate participation in all
“significant participation activities” exceeds
500 hours during tax year
O All facts & circumstances indicate regular,
continuous and substantial participation
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Material Participation
O Can combine spouse hours
O Formal records not required, appt book
works
O If fail to “materially participate”, considered
a passive activity
O Deductions from passive activities are
limited to income from passive activity
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Recapture of tax benefits
O Special use rules apply to heir for 10 years
O Triggered when:
O Property sold to unqualified heir
O Property no longer in qualified use
O Lack of participation by heir
O Conservation easement?
Recapture consists of tax benefit plus penalty
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There are choices…
O Land & Timber
O Land Only
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Problems for Forestry
O Lack of awareness of value
O Lack of liquid assets
O Lack of planning
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Keep in mind…
O Tax minimization
O Take into account all consequences, legal,
financial as well as tax
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Bottom Line
O Planning is critical
O Essential to open lines of communication
O Understand your options
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Parting words
O “…nobody owes any public duty to pay more
than the law demands. Taxes are enforced
extractions, not voluntary contributions.”
O -Judge Learned Hand, 1934
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Dr. Tamara L. Cushing
www.clemson.edu/extension/forestry
Find us on Facebook:
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