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| My Dad rose to prominence in that era for his expertise in estate planning. There wasn’t anything particularly tough about it though, other than the exemptions were fairly low, but so were asset values.only the larger operations of the day were affected if they didn’t plan ahead. No different than long term care today, it was something that had to be accounted and planned for in advance. Your Dads neighbors clearly did not plan ahead. Who’s fault is that? Is Joe Taxpayer to be expected to pick up the tab in your opinion, cuz that’s what it sounds like. Both of those parents who were killed prematurely back then would be no different than both parents landing in the nursing home in their mid 60’s today without a plan to pay for it. The state will most likely end up with the farm in the end. And today, the home is a many times greater risk to a family farm than estate taxes owed. Count your lucky stars that’s really the only land mine family size farms of moderate size need to be concerned about currently. And a Trump administration is likely to extend the extremely generous estate tax exemptions due to sunset at the end of the year.
Edited by Boone & Crockett 1/9/2025 06:35
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Carter's Sec of Ag Bob Bergland and the Demolition of the Family Farm.
