Give Farmers a Break on the Estate Tax?
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Having just ridden a motorcycle through the endless farms of Iowa on my way to and from Sturgis, South Dakota, this news item caught my attention. Last month a bill was introduced to defer federal estate taxes on family farms as long as the land is used for farming or conservation purposes. See this article on the Save the Family Farm and Ranch Act of 2007.
While proper estate planning, including the use of life insurance trusts and family limited liability companies, could avoid much of the impact of estate taxes on family farms, I think this bill is a good move to help protect our nation’s farmers and their contributions to our food supply.
