With the tax law passed late in 2010, farmers now have a two year opportunity to pass on much larger assets during their lifetime than they had in previous years. Before the new law, a farmer could only gift $1 million during their lifetime without owing any gift taxes. A spouse could gift the same amount, so a farm family could give up to $2 million during their lifetime without gift tax.
May 16 Monday Morning Wake Up Call
Jay and Dave Look at the Republican Presidential Candidates