The death tax should be eliminated, period.
It’s hell on farmers with a couple million dollars worth of land and equipment.
The super-rich put their money in trust fund accounts and live on allocations; most of them die “penniless” like the poor Kennedy’s.
The current death tax exclusion is currently about $5.5 million and $11 million for the estate of two people. None-the-less, that can and has changed at least twice in my adult lifetime from a death tax on all material assets to none to what we have now.
You see, our tax code changes with the political winds. It never is stable as it should be. At least FOUR times I have seen material changes in the tax code that should affect and disturb everyone in the country because the capricious changes impact just about everything you do. You can’t plan a future under such conditions.
A lot of smart farmers are putting things in a family corporation or a trust. That way the death tax does not come into play.