“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.
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.