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#284 | Elizabeth Schlesinger; Estate Planning, Rights of Children, Wealth Transfer

The Vance Crowe Podcast

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Estate Tax Exemption for Qualified Farmland

If a single person has 12 million dollars and it passes a death no tax. $1 to each child in that case without incurring any wealth transfer tax. Any assets that are transferred that exceed that exemption amount in value under current law are subject to a tax at 40%. There is an exemption about qualified use farmland that allows certain farmland to pass exempt from wealth transfer tax but there are restrictions on it.

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