Applications for Ohio Farm Bureau Health Plans now available
Members have three ways to apply: contacting a certified agent, calling 833-468-4280 or visiting ohiofarmbureauhealthplans.org.
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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.
My first recommendation in your journey is to start out with a local farming friend or mentor along with joining an organization like Ohio Farm Bureau.
We’re just so thankful for the Farm Bureau and the foundation for helping put this together. And of course, the Boyert family for the vision they had with this grant. It’s jumping us forward 10 years. It’s unbelievable.
I could not have done it without the resources I have found through Farm Bureau.
It wasn’t until I joined the Wilmington College Collegiate Farm Bureau that I truly saw how my passion could translate into leadership, advocacy and a career.
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.
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.
So many of the issues that OFBF and its members are advocating for are important to all Ohioans. I look at OFBF as an agricultural watchdog advocating for farmers and rural communities across Ohio.
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