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.
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.
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
Farming and mental health
Ohio needs its farmers — and supporting their mental health is essential to sustaining both the industry and the people who make it thrive.
Read More
Applications open for 2026 Growing Tomorrow Grant
The grant helps create opportunities for early-stage agricultural businesses to move forward by addressing financial and startup hurdles. Apply by July 31.
Read More
Ohio Farm Bureau partners with Life Line Screening to expand access to preventive health screenings
This new partnership provides members access to preventive cardiovascular and stroke risk screenings at a member-preferred rate.
Read More
Action Alert: Help get year-round E15 across the finish line
Congress is considering standalone legislation to allow the permanent, year-round sale of E15. Members can use the action center to contact their member of Congress.
Read More
Farm Bureau applauds House passage of farm bill
Thanks to the engagement of Farm Bureau members, the U.S. House of Representatives passed a new farm bill April 30. American Farm Bureau President Zippy Duvall asked the Senate to quickly take the next step.
Read More
Legal with Leah: Meteorites and Trespassing
A recent meteorite in northeast Ohio has sparked fascination and a few legal questions. Leah Curtis joins to discuss what this rare event means for landowners.
Read More
Bill would permit excused absences for 4-H, FFA activities
House Bill 125 will permit students to have a limited number of excused absences for 4-H and FFA events, ensuring they are not disciplined for attending.
Read More
Take a close look before transferring well ownership
Conferring with a knowledgeable attorney is beneficial and important to ensure you understand your rights and obligations that may result from this type of transaction.
Read More
Growing our Generation: Mental health awareness
Meet Mattea Shockling, agricultural navigator serving Noble, Guernsey and Morgan counties.
Read More