UNIVERSITY PARK, Pa. -- When you are dead and gone, what will happen to that tract of forestland you worry about managing? Two experts in Penn State's College of Agricultural Sciences have written a book to help you have some say.

"Estate Planning Opportunities and Strategies for Private Forest Landowners," by Michael G. Jacobson, assistant professor of forest resources and extension forester, and John C. Becker, professor of agricultural economics and law, is available on the National Timber Tax Web site at http://www.timbertax.org. The book currently is available only on the web site because of continuous changes to tax law.

"Printed copies likely would become outdated quickly," says Jacobson. "The Web enables us to update the information easily.

"Although there is intense discussion about repealing federal 'death taxes,' commonly known as the Federal Estate and Gift Tax," he adds, "private forest landowners in the United States need to understand the role that their forest assets play in their overall estate. They also need to appreciate the importance of coordinated planning to avoid conflicts and compromises to prudent forest management goals."

Failing to consider the impact of estate and inheritance taxes can disrupt effective forest management, he warns, or result in heirs abandoning forest ownership or fragmenting it in ways that squander the benefits of past management.

This book provides an in-depth discussion of important estate-planning issues affecting forest landowners. The educational materials in the book use a case-study approach to explain important concepts and ideas and then lead the reader through additional examples and scenarios to reinforce learning.

Information also is provided about state estate and inheritance tax laws for the 20 northeastern states. Forestry professionals working with private forest landowners will find this book a valuable source of information for them and the people with whom they work.

"The book incorporates explanations of the changes brought about by the Economic Growth and Tax Relief Reconciliation Act of 2001 and discusses traditional strategies as well as those that flow from the 2001 amendments," Jacobson says.

For more information, contact Jacobson at 814-863-0401 or mgj2@psu.edu

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EDITORS: Contact Michael Jacobson at 814-863-0401 or mgj2@psu.edu.

Contact: Jeff Mulhollem jjm29@psu.edu 814-863-2719 814-863-9877 fax #278