Farmer advises meeting with lawyer on estate tax issues
A South Dakota grower says all farmers should meet with their lawyers on upcoming estate tax issues.
Robert Walsh, a district director of the South Dakota Corn Utilization Council, says with the new administration, everyone know taxes are going to go up and there’ll be significant changes in estate planning and tax law, “I think it would be VERY beneficial for every single farmer to go meet with their attorney, update their current estate plan or if you haven’t had one in place go get one immediately.”
Because, he says, exemptions are going to go down.
“From about 11-and-a-half Million dollars per person possibly down to $3.5 Million and that could be a big struggle for most family farms.”
Walsh says farmers should be proactive, “You have about seven months to fix your problem RIGHT NOW. And, after the end of the year it’s a whole new ballgame.”
Walsh grows corn and soybeans near the Big Sioux River in southeastern South Dakota.