BLOOMINGTON – Whether you gift land during your life or wait until you pass away, there is a difference in basis and tax implications to those you are gifting to.
This can be a very complicated issue for many to deal with, but it can be much simpler with the proper planning and discussion in advance. Many believe they don’t have to worry about an increase in the federal estate tax exemption but Illinois does have a $4 million limit for the estate tax.
“When you start owning farmland, you can get to that number quicker than most people would expect,” said Vanessa Bechtel, principal with Clifton Larson Allen.
Tax implications can easily be minimized with plenty of planning. Bechtel encourages landowners to figure out goals and work with trusted advisors to ensure everything gets done efficiently and effectively. A discussion such as this can be started with a lawyer.
Clifton Larson Allen is a professional services company with CPA’s offering a wide variety of services. The national firm has 120 offices and Bechtel specializes in agribusiness.
Bechtel was a speaker at an estate planning seminar hosted by attorney Chad Ritchie earlier this year at the Holiday Inn and Suites of Bloomington.