FARM LIFE NEWS
Woodbury: Farm Family Business
Lance Woodbury DTN Farm Business Adviser
Thu Jan 10, 2013 11:54 AM CST

Call it the Great Giveaway. In large part due to the potential reduction in 2013 of the federal estate tax exemption amount (just over $5 million per individual) and the high value of farmland, many families rushed to complete sizeable gifts to their heirs in 2012.

It wasn't until New Year's Day that Congress kept the estate tax exemption as is and permanently indexed it for inflation. The tradeoff, however, was an increase in tax rates from the old 35% rate to 40% on any amounts above that limit. That's a big victory for agriculture, but it hasn't stopped farmland ...

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