Ohio laws address a variety of issues including overhanging tree limbs and trimming neighbor’s trees. The best practice is to work cooperatively with neighbors to address concerns you may have about the trees on or near your property lines.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.
Through its policies it brings together people in the agricultural community and invests in building vibrant communities that support agriculture.Future employees, leaders
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, D.C.Washington, D.C. Leadership Experience
If you have issues with local planning or have legal questions, someone at the Farm Bureau has the answer for you, or they’ll connect you with someone who does.Hansen's Greenhouse
As a member of Farm Bureau, I am glad that this organization takes action when necessary to protect and advance agriculture.Policy Development
Farm Bureau is an incredible organization that has given me countless professional development opportunities in addition to advocating for all sizes and types of farmers.
Staying on top of your insurance coverage can help keep unexpected expenses like rising replacement costs from cutting potential farm revenue.Read More
ODA, Farm Bureau and the Demo Farms are partnering to assess the agronomic and economic impacts of H2Ohio Best Management Practices.Read More
Farmers have until June 17 to comment on the proposed rule change.Read More
A team exploring wastewater solutions came out on top during the finals of the 2022 Ohio Youth Capital Challenge recently held at the Ohio Department of Agriculture in Reynoldsburg.Read More
Carlie Cluxton, Jake Zajkowski and Raegan Feldner will be blogging about their intern experience as they plan the Land and Living exhibit at the 2022 Ohio State Fair.Read More
Employers can use Better You, Better Ohio! to help manage and reduce their workers’ compensation and health care costs by having a healthier workforce.Read More
Nonprofit aims to end the suﬀering, silence and stigma around mental illness in rural America.Read More