Posted 6/30/2020 10:47 (#8345133 - in reply to #8345024) Subject: RE: I guess stepped up basis is considered a loophole
RealFarmer - 6/30/2020 09:45
Boone thanks for all the great advice you share on the estate/tax side of farming and business. So what changes would you advise for farmers doing estate planning for the (Just In Case Were Stuck With Joe) between now and the election ? Thanks !
RF, several scenarios come to mind that are going to take more time for me to digest before I make a recommendation just yet, but I will maybe tonite when I have more time than I do now. My biggest concern though would be if they determine the spousal currently unlimited exemption to be considered a loophole also to be done away with. That would bring to the forefront measures that would have to be dealt with decades sooner than they otherwise might. I’ll have some thoughts along those lines also on how to best deal with that tax trap if it happens. Lots to think about.....and prepare for. Not much of it good either. And you’ll have a little time on your side if you have your ducks in a row ahead of time, unless Joe says on day one by executive order he’s rolling it all back. Then all the inexpensive ways of dealing with it are off the table.