Many in Ohio agriculture fought hard for the elimination of the estate tax, commonly referred to as the “Death Tax” by critics. While they can celebrate success, it is important to remember that even with no estate tax, there is still a need for careful farm transition planning.
Ohio’s version of this tax provision is set to expire due to a provision in the state’s biennial budget — a prospect that concerns financial planning professionals.
“The primary concern is that the repeal, along with changes in the federal estate tax will serve as a disincentive to doing farm transition, business and estate planning,” said Peggy Hall, director of the Agricultural and Resource Law Program of The Ohio State University Extension. “That’s the concern I’m hearing from many attorneys.”
The estate tax is a potentially confusing and burdensome issue; critics claim the tax forces farmers and small business owners to liquidate assets simply to pay the tax.… Continue readingRead More »