Succession Planning for Forest Landowners
Forest landowners own property of significant potential value with two unique characteristics: 1) significant management decisions will be made over the extended period of time that a stand of timber matures and the market evolves; 2) this time period will likely span generations. When one generation transfers ownership, there will be transfer costs to manage, as well as naming a capable successor who can address the timber management issues to be faced. Succession planning addresses both of these issues and offers an inter-generational perspective to do so effectively.
John C. Becker, Professor of Agricultural Economics and Law, Penn State