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Every Thing Else Board
Estate Taxes
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<blockquote data-quote="lukelangford" data-source="post: 177731" data-attributes="member: 1825"><p>How many productive family farms have busted up into hobby farms, play ranches, pine tree farms or subdivisions due to estate taxes. I have seen more farm land lost to CRP pine trees than a Carnegie or Gates. And you wonder why my generation (i'm 24) is practically non-existent in the farming industry? There's no point. I don't know anybody in it because of the easy pay and lots of time off. </p><p></p><p>For those inclined to think that there are estate planning methods to work around this, I welcome suggestions on how to save my farm. A limited family partnership allows gifting $11,000 a year to aviod estate taxes. That's a drop in the bucket in florida real estate. The tax rate above the current 1.3mm limit is roughly 36%. I won't be able to pay the bill and have enough acreage left over to make a living. The result is another busted farm, and here in florida, another 5 houses per acre. Only in America, right?</p></blockquote><p></p>
[QUOTE="lukelangford, post: 177731, member: 1825"] How many productive family farms have busted up into hobby farms, play ranches, pine tree farms or subdivisions due to estate taxes. I have seen more farm land lost to CRP pine trees than a Carnegie or Gates. And you wonder why my generation (i'm 24) is practically non-existent in the farming industry? There's no point. I don't know anybody in it because of the easy pay and lots of time off. For those inclined to think that there are estate planning methods to work around this, I welcome suggestions on how to save my farm. A limited family partnership allows gifting $11,000 a year to aviod estate taxes. That's a drop in the bucket in florida real estate. The tax rate above the current 1.3mm limit is roughly 36%. I won't be able to pay the bill and have enough acreage left over to make a living. The result is another busted farm, and here in florida, another 5 houses per acre. Only in America, right? [/QUOTE]
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