Saving the Little Guy: Estate and Inheritance Taxation on Generational Farmers and Ranchers

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dc.creatorPatterson, Sarah
dc.date.accessioned2022-06-20T17:35:09Z
dc.date.available2022-06-20T17:35:09Z
dc.date.issued2021
dc.description.abstractThis comment will explore the current and future legal issues arising from estate and inheritance taxes on generational farmers and ranchers. Initially this comment will explain how estate and inheritance taxes are calculated and to whom they apply. Additionally, this comment discusses the timeline for estate and inheritance taxes as well as the effect on ranchers and farmers. In particular, several case examples are presented of ranches and farmers losing their property as a result of these taxes. Ultimately, this comment will propose permanent legislation in order for generational farms and ranches to be exempt from paying estate or inheritance taxes. There have been forms of permanent legislation implemented by states to create a tax exemption for generational farmers, ranchers, and other small businesses. The utilization of this method to create legislation at both the federal and state levels would ensure the ability of farmers and ranchers to pass on their property to future generations, thereby ensuring that land used for farming and ranching production of necessary agricultural commodities is not sold off as a result of crippling taxes. Temporary solutions such as legislative exemptions with expiration dates or other means of avoiding estate and inheritance taxes do not solve the problem but actually create uncertainty within the Agriculture community.en_US
dc.identifier.citation13 Est. Plan. & Cmty. Prop. L. J. 1en_US
dc.identifier.urihttps://hdl.handle.net/2346/89677
dc.language.isoengen_US
dc.publisherEstate Planning and Community Property Law Journalen_US
dc.subjectGenerational farmersen_US
dc.subjectGenerational ranchersen_US
dc.subjectFederal estate taxen_US
dc.subjectState inheritance taxen_US
dc.subjectTax liabilityen_US
dc.subjectFamily farms and ranchesen_US
dc.subjectEstate planningen_US
dc.subjectTransition planningen_US
dc.subjectIntestate successionen_US
dc.subjectTax exemptionsen_US
dc.titleSaving the Little Guy: Estate and Inheritance Taxation on Generational Farmers and Ranchersen_US
dc.typeArticleen_US

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