The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Kevin Spafford is Farm Journal’s succession planning expert for the Farm Journal Legacy Project. He hosts the nationally-televised ‘Leave a Legacy’ TV, facilitates an ongoing series of workshops for farm families across the U.S., and is the author of Legacy by Design: Succession Planning for Agribusiness Owners.
It is funny that the author of this post says in the same paragraph "inadequate estate planning is a major reason most farms do not [survive]" and "no record of a single family losing their farm due to the estate tax."
What is the failure of inadequate planning, if not the cost of the estate tax on the hard-working American farmers who are more interested in producing their crops than consulting with their attorneys?
Why should hard-working Americans have their livelyhood threatened by the Death Tax - only to be (possibly) saved by expensive attorney fees?
The Death Tax is immoral and should be repealed, and short of repeal, reduced to the lowest rate possible. Senator McCain supports lowering the estate tax rate to 15%. Barack Obama wants to keep it at 45%. Vote wisely this November.
Director of Research
American Family Business Institute
More information about the Death Tax - including stories of family enterprises that were sold to pay the Death Tax and voting records of members of congress - can be found on the American Family Business Institute's website: