Ohio Farm Bureau releases updated Ohio Landowner Toolkit
The new 40-page Ohio Landowner Toolkit contains essential information prepared by Ohio Farm Bureau’s legal team that will help answer questions unique to property owners.
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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.
Labor has always been an issue, mainly because we are a seasonal operation. So that's a challenge finding somebody who only wants to work three months out of a year, sometimes up to six months.
I appreciate the benefit of having a strong voice in my corner. The extras that are included in membership are wonderful, but I'm a member because of the positive impact to my local and state agricultural communities.
I see the value and need to be engaged in the community I live in, to be a part of the decision-making process and to volunteer with organizations that help make our community better.
Farm Bureau involvement has taught me how to grow my professional and leadership experience outside of the workforce and how to do that in a community-centric way.
With not growing up on a farm, I’d say I was a late bloomer to agriculture. I feel so fortunate that I found the agriculture industry. There are so many opportunities for growth.
Knowing that horticulture is under the agriculture umbrella and having Farm Bureau supporting horticulture like it does the rest of ag is very important.
If it wasn't for Farm Bureau, I personally, along with many others, would not have had the opportunity to meet with our representatives face to face in Washington.
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