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Planning for the future

20170223_185117webLast night we had a great session talking about land conservation and estate planning. About 20 people converged on the North Brookfield Senior Center.

We heard from Harry Webb about their experience moving to Hardwick and growing understanding about the farmland stewardship responsibilities over time. They have done several timber harvests over the decades, and started the process of conserving the farm. First, with the sale of some land to the Commonwealth for inclusion in the Muddy Brook Wildlife Management Area and then donating a conservation restriction on another portion of the farm. More to come.

20170223_192458webAttorney George Dresser shared insights about estate planning in Massachusetts. This often focuses on strategies to reduce or eliminate federal or state estate taxes. The threshold for paying federal estate taxes is over $5 million, so doesn’t affect many landowners. But the threshold for Massachusetts estate taxes is at a $1 million, which catches many more families when their loved-ones pass away. To plan properly the family needs to share their goals for the land and all their financial assets. When possible, you want to fully use the available deductions, including the marital deduction and annual gifting.

20170223_184310webA key lesson for the night is to start estate planning as soon as possible. Have the important family discussions as soon as possible, and formalize your estate plan.

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