AFBF adopts Ohio Farm Bureau policies at 106th Convention
All 13 policies that came from Ohio were passed on the AFBF delegate floor.
Read More
By Robert Moore, Wright & Moore Law Co., LPA
The 2020 November election did not end up being a total victory for either the Democrats nor Republicans. The Senate remains in play until the special election in January but seems more likely than not to remain in Republican control. With that in mind, what can we expect for next few years?
We do not anticipate sweeping changes to the tax code. This may have occurred if the Democrats would have won a clear majority in the Senate. As things stand, the Biden administration may implement some smaller tax changes through implementing regulations, but big changes like the estate tax exemption are unlikely to occur.
The current federal estate tax exemption is $11.2 million per person. In 2026, the exemption reverts to the pre-2017 tax bill of around $5.5 million per person unless extended by Congress. A lot of things can happen and will happen with Congress before 2026, but you should assume that the tax exemption will be the smaller amount beginning in 2026. So, it is prudent to base your planning on a $5.5 million estate tax exemption rather than the current $11.2 million exemption.
One change a Biden administration could possibly implement is a loss of stepped-up tax basis at death. The loss of a stepped-up basis was a primary tax change initiative of the Biden campaign. Currently at death, all assets receive a stepped-up tax basis and can be re-depreciated or sold without capital gains tax. If the stepped-up basis is eliminated, heirs inheriting assets will face significantly higher taxes upon the sale of the assets. However, if the stepped-up basis is eliminated, more opportunities may exist for gifting.
Your best course of action is to be in contact with your legal and tax advisors to determine the best course of action for you. At Wright & Moore, we can help you with this concern as well as all your business, estate and succession planning needs.
Wright & Moore Law Co., LPA is a proud partner with Ohio Farm Bureau. Since 1988, our firm has assisted farmers, rural residents, and landowners from all over the state with their farm succession planning and agricultural legal needs. To learn more about Wright & Moore, visit OhioFarmLaw.com.
The plan we are on is great. It’s comparable to my previous job's plan, and we are a sole proprietor.
To grow a network and gain perspective and knowledge in the industry through personal and professional development has been invaluable. Every day I learn and grow.
The issue of property taxation remains as one of the biggest challenges our members face today. Ensuring agricultural property is valued for its agricultural potential and not development is critical to the continued success of Ohio agriculture.
Farm Bureau is what really got the word out. It’s been one of their goals to get this done.
I could not have done it without the resources I have found through Farm Bureau.
Because we are younger farmers just starting out, Farm Bureau has a lot of good opportunities and resources to help us grow in the future.
Through the Select Partner program, we became educated in farm insurance and weren't just selling policies. It became more and more clear why farmers need an advocate like Ohio Farm Bureau.
Featured Articles
Ohio Farm Bureau Foundation Awards Youth Pathways Grant to Buckeye Local School District
Buckeye Local is pioneering a new standard in rural education innovation, merging physical infrastructure with curricular advancements to deepen students’ interest in agriculture and its extensive career options.
Read More
Campbell wins American Farm Bureau Discussion Meet
Ohio Farm Bureau Young Agricultural Professional Abby Campbell of Washington County is the winner of the 2025 American Farm Bureau Discussion Meet.
Read More
Corporate Transparency Act is back
On Jan. 24, the Supreme Court issued an order granting a request by the government to allow enforcement of the Corporate Transparency Act (CTA) while litigation continues over the law.
Read More
106th American Farm Bureau Annual Convention coverage
Follow the action as it’s happening in San Antonio on Ohio Farm Bureau social media channels: Facebook, YouTube, X and TikTok, using #AFBF25.
Read More
Ohio Farm Bureau hosting statewide CAUV update webinar
Join Ohio Farm Bureau for a free webinar Feb. 11 to discuss the recent increases in CAUV values, Registration is required.
Read More
Growing our Generation: Succession planning for the future
Dr. Ron Hanson helps counsel farm families to resolve conflicts while helping the next generation assure their financial future. He is a featured speaker at the 2025 Winter Leadership Experience.
Read More
Ohio Farm Bureau Foundation appoints new leadership
Ohio Farm Bureau Foundation recently added four new board members and elected officers of its 14-member board, which oversees the charitable, nonprofit organization.
Read More
Ohio Farm Bureau Foundation awards 2025 Workforce Development & Ag Literacy Grants
Grants support ag-related programming that enhances agricultural literacy efforts while creating pathways for young people to learn about ag careers.
Read More
Warm up your pole barn with FBi Buildings’ Winter Interior Liner Special
Now through Feb. 28, you can receive free insulation when finishing an existing pole barn interior.
Read More