NASHVILLE, Tenn. (RFD-TV) — One of the biggest threats to farm succession is the federal estate, or “death,” tax. Without recent changes, many family operations — like renowned California rancher Kevin Kester’s Bear Valley Ranch — would have faced significant tax burdens when passing land and equipment to the next generation.
The “One Big Beautiful Bill” Act, which passed in July, permanently increased the unified credit to $15 million per individual beginning in 2026, indexed to inflation. That compares with approximately $7 million under the prior law, a level that could have compelled many farm families to sell assets to pay their tax bills.
National Agricultural Law Center senior staff attorney Rusty Rumley says the higher credit and portability provisions for married couples mean most farms will avoid immediate estate tax exposure. Still, he warns that succession planning remains a larger concern. Sudden illness or death of a farm operator can leave successors unprepared, and a lack of planning can fracture families or force financial hardship.
Tony’s Farm-Level Takeaway: Estate tax relief reduces pressure, but succession planning remains the critical challenge for farm families.
Researchers in Denmark and St. Jude Hospital submitted a new study for peer review providing new insight into how High Path Avian Flu (HPAI) H5N1 in dairy cattle differs from avian cases.
U.S. Agriculture Secretary Tom Vilsack announced the USDA will help dairy producers dealing with High-Path Avian Flu (HPAI) H5N1 outbreaks in their herds.
Since the Tennessee Main Street program’s inception in 2010, 78 rural commercial districts have been improved. These 12 new additions bring that total number up to 90.
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One drawback of co-equal ownership in estate planning is the right of partition of a co-owner. That’s a particularly acute problem when parents have both on-farm and off-farm heirs.
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A family settlement agreement is one method to resolve financial conflicts among family members over assets—if executed properly, that is.
April 07, 2024 11:29 AM
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In this
Firm to Farm blog post, RFD-TV agri-legal expert Roger McEowen tackles a handful of topics related to property rights.
April 01, 2024 01:55 PM
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