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Estate Tax
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necaseih
Posted 11/13/2012 22:22 (#2695937)
Subject: Estate Tax


SC Nebraska
THIS IS NOT MEANT TO BE POLITICAL IN ANY WAY....now that that is out of the way, I am sure the impending changes of the estate tax have been discussed. Does everyone think that they will up the exemption for 2013? Currently set to go to $1,000,000 for 2013....I assume a good majority of people on here, especially over 50 yrs old would fall into that category. Say you own an 80 free and clear in the corn belt, you are pushing it already. Takes a little more land "here" to get to it, but not that much.

I am following this closely, if no changes are made relatively quickly I am going into hardcore re-planning mode for my parents. They have done some stuff, but I need to get them revved up on updating their plan. I don't consider them extraordinarily wealthy, but with their current net worth and with no planning the would owe the better part of $2 mil.....talk about putting a damper on the family farm.

Never a fun topic to think about, but one of the most critical for the ongoing success of a farm. I think this is one area that certain farm publications actually do a decent job of keeping in everyone's mind....even though some of the articles turn into giant worship-me fluff pieces....
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