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SCMN | Can someone explain the options to avoid estate tax in as simple of terms as possible for the following hypothetical scenario. Current generation, sole proprietorship, owns lets say 1000 acres valued at $10,000 for easy figuring, a $10 million dollar estate that they want to pass on the their children who will farm it. If the exemption goes to 1 million then between both parents there is 2 million exempt and 8 million that would be taxed. If they didn't want to "voluntarily" pay taxes on the wealth they worked their entire lives to build what is the best way to do that? | |
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they make it nearly impossible to pass on a farm or business to your children
