The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
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.
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