A lot of gold & silver transfers from generation to generation and is not taxed.Another thing with gold..
How are gains on gold taxed?
Gold is subject to a 28% long term capital gains tax rate by the IRS.
I mentioned “windfall” as like Lotto and even then I would keep it under 10%.
So beans are quite a bit less in overall net profit though than when the same field is in corn?? Makes the return, whether cash buyer or 30% down buyer, quite a bit less overall if I’m reading you right
I’d love a discussion on how to transfer land without facing huge inheritance taxes. LLC? Establish one on an existing holding? Guess I’m too cheap to hire an attorney, yet.
On the Federal side right now you would have to have a large land estate value to worry about inheritance tax. Heirs get step up in basis upon your death which is not taxed RIGHT NOW……And as long as your estate is under SEVERAL million dollars. I’d have to look at that number again.
We have been working on setting up a trust the last couple of years. That exemption number is reasonably high now due to the Trump tax cuts. However, if I remember correctly, those tax cuts sunset or end in ten years after Trump signed that bill. Then they would have to be made permanent or the exemption number would go back to the number prior to the bill, which I believe was 5.5 million per spouse. I talk to our attorney almost weekly, so I will get the current exemption number. The Democrats have several proposals to drop the stepped up basis which would be devastating. Doubtful with the republicans having a majority in the House that will happen for a couple more years. All the more reason to get out and support Trump!!!
No. There’s a “lifetime exemption $ amount”. U can only gift up to that limit. By definition, if a family farm was worth “$50m & 3 kids”….. u r selling that family farm to pay the taxes. & we talking many many millions being paid to government.
. Or “I want this done with land and not that”. But of course I want to make sure we protect every bit we can from insane tax liabilities.
I'm also considering a revocable trust. This would avoid probate for everything put into the trust, which I believe is a good reason in itself to do this. It doesn't avoid taxes but does avoid the cost of probate and disbursement costs of the estate which can be costly. How many of you have or are considering a revocable trust ? Curious as to how widespread the practice is with landowners. What kind of cost should I expect?No. There’s a “lifetime exemption $ amount”. U can only gift up to that limit. By definition, if a family farm was worth “$50m & 3 kids”….. u r selling that family farm to pay the taxes. & we talking many many millions being paid to government.
Yes, there’s many ways to HELP with reducing tax liability & the only way to do that is get with a very good trust attorney.
I’m setting my land up in a trust right now…. More for reasons like “I don’t want to ruin my kids”
I've been thinking hard about that myself. I worry that if, heaven forbid, I would end up in a cursed nursing home for an extended period of time Medicaid and the State would take a very large chunk leaving little for my children and grandchildren & not a bright future for now.
