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.
Attorney 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.