Skip to comments.They Are Going To Make It Nearly Impossible To Pass On A Farm Or A Business To Your Children
Posted on 11/24/2012 6:59:49 AM PST by Lorianne
They Are Going To Make It Nearly Impossible To Pass On A Farm Or A Business To Your Children
Trouble is the tax is on the non-dufus farmers too. You know, those folks that put food on your table too.
“Therein lies the value of planning ahead. Most farms are privately owned but could be converted to corporations with the heirs in control. When the parents are gone the corporation lives on.”
Owned farm land worth $10 million, owned corporate stock worth $10 million, the tax is the same. Should the owner of the land, converted to stock, gift the stock to kids, then a GIFT tax on the value of the gift of the stock, comparable to the estate tax will be assessed by the government.
Hopefully, you are not wandering around rendering estate tax advice, since you do not know squat.
You don't give a rat's ass about the death tax?
Because Iowa went for Obama?
Many farmer in Iowa didn't vote for Obama.
Many farmers elsewhere didn't vote for Obama.
Many people all across the country who wish to leave their private property to their children didn't vote for Obama.
We've been slaves for a long time. The chains are just getting shorter.
Sell the farm to the kids for $1.00 before you die,save on taxes.
Deed the land over to your children years before you die.
For now. Tyranny never sleeps.
Big farmers (as opposed to ‘hobby farmers’) in Iowa long ago became corporations, coincidentally owned by people related to each other. Other small businesses are much more hurt by this than full-time farmers.
This doesn’t matter to the zombies who voted for zero. They don’t own property anyway, so why should they care? They don’t - they only care about their bennies the gubmit can give them. And, they will continue to not care until the trough runs dry. Then they’ll riot in the streets.
I read some of the comments on this thread and I see why the concept of private property actually being private and not something to redistribute, is a dead idea.
So how do the real wealthy get away from this. Answer: residual trusts. They give there wealth away... due in 10-20 years. The family gets the interest/cap gains tax free until the bill is due. Results in a 5-15% inheritance tax. Slick, but only available to those with tax attorneys.
The IRS will value the farm at a real value.
Gifting is taxable, unless you gift less than a paltry 13K per year per recipient.
The gov’mint wants to control all food growth and all business. Food control to starve those who do not submit and business so they can tax all they want.
I’m not an expert on taxes which why I recommend planning ahead with someone is.
That said you are no expert either and your comments are worth every bit of the price. But bang on, Bug, bang on.
Look up the unified gift and estate tax credit. Gifts are tracked over a lifetime with a far higher limit
bump for later.
Try IRS web site well explained
Ten years ago I had all I had put into a trust for my daughter. Screw the government. I had a tax lawyer figure out the means to do this and was one of the best $1000 I ever spent.