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RR Valley, ND; MN native | I wonder how this affects my situation (and my sister)....
Neither of us farm. Both have other careers. Our elderly Mom in her 80s rents out the land, lives on the building site. We've been listed as heirs in the will.
When the time comes, I was expecting at least for the short term to continue renting the land and split rents with my sister until some time the farm is sold. I am in my mid 50s now. Neither of use have kids so it ends with us.
Having to immediately sell to pay high inheritance tax means no additional rental income in retirement.
I've not been planning my retirement with expectations of inheritance but some extra income from rents would be nice.
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Bidens Tax Plan For Family Farms.
