Posts tagged ‘financial’
[I thought this message might be of interest to some of our readers:]
Three new things at Minnesota Land Economics:
1. 2009 assessor estimates of land values. Please be careful. From the site:
“In 2009, the Minnesota Legislature created several new classifications for agricultural and timber land in the state. On Minnesota Land Economics, the reclassifications are handled by treating post-2008 land valuation data in a separate section. If you select “2009 and onward” on the attributes page, you will be presented with the new valuation classifications. These changes resulted in valuation data that is not directly comparable for that reported in previous years. In some counties, the currently reported numbers aren’t even close to the previous year. Many of the inconsistencies are expected to be resolved by the time the final 2009 Mini Abstract is posted here in December. In the meantime, please be careful with the 2009 numbers!”
2. Forest Productivity Index (FPI) now available for twenty counties. Details by clicking “Read more” on the Soils Data section.
3. Graphs! On most data report pages, you’ll see a “chart-it” or “plot-it” link. Histograms, scatter plots. On the fly!
As always, please let me know if you experience any problems with Minnesota Land Economics–and thanks for your continued kind words about the service we provide.
Steven J. Taff, Department of Applied Economics, University of Minnesota
Check out the updated content at Minnesota Land Economics now.
Like the idea of Community Supported Agriculture? Looking for ways to make a few bucks from your woodland? A Wisconsin family is trying Community Supported Forestry.
This is a pretty interesting idea: For an annual payment of $550, Roald Gundersen and Amelia Baxter of Hamburg, WI are offering unlimited access to their 140-acre wooded valley south of LaCrosse. Four of 20 spots have already sold. Read more about their operation on their website. More information is available on the Worldchanging blog and in this story from the LaCrosse Tribune.
As noted in a comment on this post, the concept is not entirely new: Woodland owners have been selling hunting leases, particularly in the southern US, for many years. But this is a new twist on the concept. The Community Supported Forestry concept is best described here by Vermont Family Forests.
(Thanks to the Community Forestry Resource Center, Vicky Sturdevant, and Pam Jakes for passing this along.)
The Minnesota Department of Agriculture just launched a web-based tool to assist farmers and ag professionals regarding conservation programs and practices. Here is the announcement from Barbara Weisman below:
The Conservation Funding Guide is a one-stop, online tool Minnesota farmers and other landowners can use to learn about conservation practices, programs, and payments. It provides a wealth of information all in one place, complementing the advice available to landowners from ag & conservation professionals. It also makes a handy reference for professionals & policy makers.
For more information check out the Minnesota Conservation Funding Guide.
The following announcement was distributed via email in early March 2009 by Neal Bungard, Forest Legacy Specialist, USDA Forest Service, Northeastern Area. This is an excellent and comprehensive guide to estate planning for woodland owners.
The document “Estate Planning for Forest Landowners: What Will Become of Your Timberland?” has been finalized an the electronic version was posted on the web yesterday. This document replaces the September 1993 document of the same name.
Download the publication (180 pages) or request a hard copy at http://www.srs.fs.fed.us/pubs/31987
Description: The purpose of this book is to provide guidelines and assistance to nonindustrial private forest owners and the legal, tax, financial, insurance, and forestry professionals who serve them on the application of estate planning techniques to forest properties. The book presents a working knowledge of the Federal estate and gift tax law as of September 30, 2008, with particular focus on the unique characteristics of owning timber and forest land. It consists of four major parts, plus appendices. Part I develops the practical and legal foundation for estate planning. Part II explains and illustrates the use of general estate planning tools. Part III explains and illustrates the use of additional tools that are specific to forest ownership. Part IV describes the forms of forest land ownership, as well as the basic features of State transfer taxes and the benefits of forest estate planning. The appendices include a glossary and the Federal forms for filing estate and gift taxes.
I’ve also added this link to our Intergenerational Land Transfer page.
An upcoming web-based presentation (webinar) may be of interest to some MyMinnesotaWoods readers. This one is rescheduled for Friday, March 13, 2009 at 11am Central. The presentation is by Linda Wang of the US Forest Service.
This tax session highlights key timber tax issues faced by private landowners in time for the 2009 filing season. It is intended to provide a snapshot and basic understanding of the timber tax matters in a concise manner for forest and natural resource agency staff, directors, extension agents and program leaders, and foresters.
Click here for complete event details, including how to connect. The event is free and pre-registration is not required. Note: At the time of this writing, that link does not reflect the new date. The actual rescheduled date is Friday, March 13, 2009 at 11am Central.
Five important considerations affecting income taxes on Minnesota family forests.