Selling all of the cows.

[Douglas]

The estate tax exemption was doubled with the tax cuts passed in Dec 2017. Now everything under 11.2 million is free of tax per estate.

Three issues in planning your estate. Income taxes, estate taxes, medicaid planning/nursing home costs.

Good planning in one area can be bad planning in another. For example sell everything, develop Alzheimer's and blow thru it all. If you have l-t care insurance maybe not. If the estate is under 11.2 million fine but as others have mentioned you get a stepped up basis in your land, buildings, equipment, etc. if you kids inherit them, they pay little income tax and they inherit twice as much value.

You need professional help, almost all do. Don't get advice from an insurance salesman. CPA, Attorney, someone not selling anything.

 

[hurleyjd]

Several of you have suggested a long term care plan. Most Insurance companies are out of this business. At my age (77) the policy would cost about as much as the care cost. My cousin bought a plan and when younger has been paying on it for 20 years the premiums have gone up each year and she is having a time paying for it. The one she has only pays for a skilled nursing facility. If it takes everything to keep me and the wife then that is why we have assets.