#2381551 - 04/30/11 12:21 PM
Logging question?
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monsterbuck07
8 Point
Registered: 12/19/08
Posts: 1958
Loc: Huntsville, Alabama
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My family inherited around 500 acres of land from my grand father when he passed..we looked at having some timber logged however a lawyer told my parents that we would only receive the price of the lumber that it was when he passed...is this true? If the value is higher now will we only get what it was about 5yrs ago?thanks !
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I will keep my guns, my ammunition, and my freedom. You can keep the "Change"!
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#2381552 - 04/30/11 12:23 PM
Re: Logging question?
[Re: monsterbuck07]
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1 good shot
8 Point
Registered: 09/05/09
Posts: 1820
Loc: memphis
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he's trying to take advantage of you
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#2381559 - 04/30/11 12:31 PM
Re: Logging question?
[Re: 1 good shot]
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Beekeeper
Good ol' Boys "Team Buckcreek"
16 Point
Registered: 08/26/09
Posts: 10957
Loc: McMinn Co. Tennessee
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You should get today's market price of the timber. Call some timber cutters and get them to give an estimate on what you have.
_________________________
Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote.
Benjamin Franklin (1706-1790)
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#2381560 - 04/30/11 12:31 PM
Re: Logging question?
[Re: 1 good shot]
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monsterbuck07
8 Point
Registered: 12/19/08
Posts: 1958
Loc: Huntsville, Alabama
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That's what I told my parents just wanted to hear what y'all thought...
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I will keep my guns, my ammunition, and my freedom. You can keep the "Change"!
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#2381582 - 04/30/11 12:53 PM
Re: Logging question?
[Re: monsterbuck07]
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scott co htr
10 Point
Registered: 01/13/02
Posts: 2796
Loc: SCOTT COUNTY TN
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Forget the lawyer and get the best price you can from the loggers.
The lawyer is trying to take advantage of your parents.
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Take a Kid Hunting or Fishing.
The Lord did not promise that life would be easy, but He did promise to go with you every step of the way.
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#2381593 - 04/30/11 01:18 PM
Re: Logging question?
[Re: scott co htr]
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TheAirMan
16 Point
Registered: 06/18/01
Posts: 10332
Loc: Moss, Tennessee
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He's full of something I can't post on here. That doesn't even begin to make sense.
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VooDoo Mafia
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#2381603 - 04/30/11 01:24 PM
Re: Logging question?
[Re: TheAirMan]
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Rowdy
14 Point
Registered: 12/25/07
Posts: 9377
Loc: ky lake
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Explain to me why a lawyer would be involved anyway.
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EARL PITTS is my HERO!
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#2381615 - 04/30/11 01:31 PM
Re: Logging question?
[Re: Rowdy]
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monsterbuck07
8 Point
Registered: 12/19/08
Posts: 1958
Loc: Huntsville, Alabama
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Heck if I know bud...i moved to alabama and am 26...just what they told me...i would love to control the land for habitat but my mom s brother thinks he makes the calls...i just want to help them by the info I can gather here...
_________________________
I will keep my guns, my ammunition, and my freedom. You can keep the "Change"!
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#2381627 - 04/30/11 01:46 PM
Re: Logging question?
[Re: monsterbuck07]
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Rowdy
14 Point
Registered: 12/25/07
Posts: 9377
Loc: ky lake
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Is the land in Tennessee or Alabama?
_________________________
Gone fish'n....be back for deer season
EARL PITTS is my HERO!
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#2381633 - 04/30/11 01:59 PM
Re: Logging question?
[Re: Rowdy]
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monsterbuck07
8 Point
Registered: 12/19/08
Posts: 1958
Loc: Huntsville, Alabama
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Its in southern tennessee.....
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I will keep my guns, my ammunition, and my freedom. You can keep the "Change"!
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#2381634 - 04/30/11 02:02 PM
Re: Logging question?
[Re: Rowdy]
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farmin68
16 Point
Registered: 11/08/03
Posts: 12447
Loc: In a tree clinging to my guns ...
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Did your mom actually hear the lawyer say this or is her brother telling her this? As already mentioned, this makes no sense.
_________________________
Aim low, boys...They're riding Shetland ponies
Walking is generally considered to be a healthy practice, unless you’re a tyrant. - Joel Salatin
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#2381638 - 04/30/11 02:23 PM
Re: Logging question?
[Re: farmin68]
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monsterbuck07
8 Point
Registered: 12/19/08
Posts: 1958
Loc: Huntsville, Alabama
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From what I have heard they told her this...who should I have her call for this in southern middle tennessee...the reason I posted was bc I also thought it made no sense therefore I just need to figure out what to tell her and dad to do...thanks again!
_________________________
I will keep my guns, my ammunition, and my freedom. You can keep the "Change"!
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#2381651 - 04/30/11 02:53 PM
Re: Logging question?
[Re: monsterbuck07]
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farmin68
16 Point
Registered: 11/08/03
Posts: 12447
Loc: In a tree clinging to my guns ...
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From what I have heard they told her this...
If that's the case, it is highly like someone is trying to take advantage of your mom. I hate to say this but it's probably her brother. Either way - to avoid a huge fallout with her brother - she could indicate she knows that's a pile of bullfeathers and insist on hiring a new attorney.
500 acres of timber could be a a large chunk of change (250k range for lower quality and up to and above 1mil for a high quality tract - this is timber only!) and when it comes to business deals NO ONE WILL SCREW YOU QUICKER THAN A FAMILY MEMBER!
The best way to sell in this situation may be to hire a forester to do a full cruise and sell to the highest sealed bid. This would not be an absolute sell - they could refuse any and all bids.
_________________________
Aim low, boys...They're riding Shetland ponies
Walking is generally considered to be a healthy practice, unless you’re a tyrant. - Joel Salatin
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#2381658 - 04/30/11 03:10 PM
Re: Logging question?
[Re: farmin68]
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pass-thru
10 Point
Registered: 10/10/04
Posts: 3050
Loc: va beach
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You sure that he didn't say something like "only the value of the timber at time of grandfather's death will be tax free" ???
http://www.timbertax.org/publications/irs/msp/hardwood/chapter4/
Also, what kind of property interest was inherited?
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#2381695 - 04/30/11 04:28 PM
Re: Logging question?
[Re: pass-thru]
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VolDoug
TnDeer Old Timer
10 Point
Registered: 11/05/99
Posts: 3458
Loc: Plateau
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That was going to be my reply as well. He may have meant that she would have to pay taxes on her profit, which would be sales price less her basis, which would be the value of the timber when she inherited the property.
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#2381775 - 04/30/11 06:59 PM
Re: Logging question?
[Re: VolDoug]
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bowriter
Non-Typical
Registered: 08/31/02
Posts: 40306
Loc: Lebanon,TN USA
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#-1 No reason for a lawyer to be involved. If they own the land, they own the timber unless otherwise specified in the will. Therefore it is a simple buy and sell situation. You get the highest bid. The tax implication may be a different story.
#2- Now comes the situation, who is going to handle the sale of the timber? Whoever told your mother above should not be invoved. I suggest your mother directly handle it from having the timber priced to collecting the money. She should also handle the taxes.
#3- Decide how you want it logged, i.e. clearcut, 18-inch stump, hardwood, pine, whatever.
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Constipation has ruined many a good day. Not as many as stupidity, though.
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#2381804 - 04/30/11 07:15 PM
Re: Logging question?
[Re: bowriter]
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pass-thru
10 Point
Registered: 10/10/04
Posts: 3050
Loc: va beach
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#-1 No reason for a lawyer to be involved. If they own the land, they own the timber unless otherwise specified in the will. Therefore it is a simple buy and sell situation. You get the highest bid. The tax implication may be a different story.
How can you reach that conclusion when the only information he gave is:
My family inherited around 500 acres of land from my grand father when he passed..
If one person owns the land in fee simple or a husband and wife own it jointly then it should be simple enough. But if a large family group (or even 2 people) owns the property as a tenancy in common, which it sounds like that could be the case, or if they own it jointly or there is a life estate, then they are smart to consult the lawyer any time a financial decision is made concerning the property.
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#2381812 - 04/30/11 07:18 PM
Re: Logging question?
[Re: pass-thru]
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Football Hunter
18 Point
Registered: 10/22/07
Posts: 24568
Loc: Wilson Co/Perry Co
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Id get in touch with Chaney lake,he seems very knowledgable about logging and timber.
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You wont know,if you dont go!
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#2381986 - 04/30/11 09:58 PM
Re: Logging question?
[Re: Football Hunter]
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Chaneylake
Brownsville Mafia
16 Point
Registered: 12/18/07
Posts: 15302
Loc: on the wings of a snow white d...
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Id get in touch with Chaney lake,he seems very knowledgable about logging and timber.
the "only" time that we use an attorney is to transfer ownership of the timber to the buyer, aka "timber contract"
the attorney is the last person to know about the sale. his fees are usually less than $300.00
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"Don't piss down my back and tell me its rain", Fletcher, Outlaw Josey Wales
Living somewhere between this world and the other, Legends of the Fall
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#2381996 - 04/30/11 10:06 PM
Re: Logging question?
[Re: Chaneylake]
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landman
8 Point
Registered: 11/15/09
Posts: 1440
Loc: TN & Western KY
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The date of your Grandfathers death, set's up the base for the taxes, could be like they are saying, he may be trying to help.
There are bad lawyers, realtors, surveyors, and many giving out wrong info on any given date.
get the facts straight before you sell
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#2382022 - 04/30/11 10:41 PM
Re: Logging question?
[Re: monsterbuck07]
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jos3ywales
12 Point
Registered: 10/02/09
Posts: 5904
Loc: Norris Dam
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Man that ant even right. 1st who is he to say is he over the land?
2nd how does he come to 5 years lumber price when the lumber is there today?
3rd sounds like u need a new lawyer cause I think he is taking advantage of you. I have never heard of anything like that in my life
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Are you gonna pull those pistols or whistle Dixie?
"Let God in he will save you all you have to do is ask"
"I'm a legend in my own mind"
Jos3ywales
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#2382043 - 04/30/11 11:30 PM
Re: Logging question?
[Re: jos3ywales]
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Rob R.
10 Point
Registered: 04/25/11
Posts: 3656
Loc: Collierville TN.
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What the lawyer said doesnt make any sence to me. If the property was transferred to your family correctly. The timber can be sold for todays prices. You can call the state forestry office and they will send out someone to meet with you. He will give you his opinion of what is best for the property. He will also give you names of timber companies if you want. He'll probly tell you to clear cut it!!
The best thing you can do is to hire a timber company yourself. Check them out before you hire them. GO TO THE LOCAL SHERIFFS OFFICE AND ASK QUESTIONS ABOUT THE TIMBER COMPANY. If the timber company is located in another county, go to that countys Sheriff's office. Call the local office of the Better Business Bureau. Get referrals from the timber company if possible.
Most important issue is. Do you have someone that can count the loads for you? You need someone that can keep up with the timber leaving your property. You can then use that load information to compare to what the timber company gives you when your paid.
Im sure there are some good trustworthy timber cutting operations out there. I havnt found one yet. Fortunately for me though, the next time timber is ready to cut on my property. It will probly be my kids that have to deal with it.
Good luck to you and enjoy the process. This can be a opportunity for you and your family to make some money.
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The four most wonderful words in the English language.....Take me hunting daddy!
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#2383105 - 05/02/11 09:21 AM
Re: Logging question?
[Re: Snake]
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rukiddin?
8 Point
Registered: 02/04/09
Posts: 1213
Loc: E. Tenn
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THe only sensible way to go about this is to get a forester. He/she will handle the timber cut process however your family wishes. There are SOOOOO many ways to get burned/screwed when somebody decides to get their timber cut. A forester will save you so many headaches.
DO NOT use a forester that charges a flat rate. Use one that charges a percentage of the overall price. That way the forester is in it for the same reasons you are, which is to get the most out of you property. 500 acres could add to a substantial amount of money for the timber depending on the quality. Whatever you do, at least look into some foresters, most will not charge just to come out and look, then you can decide which forester best suits you and your family's needs.
With 500acres, I would not hesitate to say that their could be at least 150,000 dollars difference between hi bid and low bid from different timber companies.
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Just because you do not agree with my opinion, it does'nt make me wrong!
"I'm gone to carolina in my mind"
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#2383157 - 05/02/11 10:09 AM
Re: Logging question?
[Re: rukiddin?]
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TC4ever
16 Point
Registered: 10/19/07
Posts: 14514
Loc: Va
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As several here have already stated-be carefull. My experience of late with the whole lot-from timber cruiser to logger to mill has been very eye opening to say the least!
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Hoping For Change in November 2012
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#2383163 - 05/02/11 10:20 AM
Re: Logging question?
[Re: TC4ever]
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Stovepipe
18 Point
Registered: 09/21/07
Posts: 21673
Loc: N1549518,E738760
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lawyer+logger+sawmill+brother = cahoots
lol, gotta be a greasy realtor/developer in somewhere's too
Mother is being left out of the equation
maybe I'm wrong, but something sounds kind of slimy
could be I'm jaded about both loggers and lawyers
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