The amount you can be worth and not pay any federal estate taxes, a value known as the lifetime exclusion, is almost $5.5 million.
Now that President Donald Trump is in the White House and Republicans are in control of the House and the Senate, it is almost a guarantee we will have tax reform this year. There will be major changes that affect farmers.
The Farm Financial Standards Council (FFSC) formed during the 1980s farm crisis.
Many farm families have children who do not want to be involved with the family farm. At the same time, producers often like to split assets equally.
In this month’s column, I will answer some of the recent reader questions I’ve received regarding various farm bill issues. These questions came from Dick, Sandra and James, respectively.
Many farm owners expect to pass on their pride and joy to their children, another family member or an employee.
Paul Neiffer is a tax accountant with CliftonLarsonAllen LLP and author of the blog The Farm CPA. He grew up on a wheat farm in Washington.
Contact him at email@example.com.