Estate Taxes and Landowners

In a recent Wallace Farmer article, Neil Harl (Distinguished Professor in Agriculture Emeritus Professor of Economics, Iowa State University) discusses how the rise in land prices and the current federal estate tax law may affect farmland owners.

Professor Harl explains that the current portability provision allows the surviving landowner spouse to use the remainder of the deceased spouse’s applicable credit amount, but he reminds readers that the portability provision requires the filing of an estate tax return. Professor Harl also informs readers that the new provision is only available if the first spouse to die died after 2010 and before 2013 unless Congress decides to extend the provision.

See Land Price Rise Affects Estate Plans, Wallaces Farmer, Oct. 14, 2011; William Alan Nelson II (Associate Editor, Wealth Strategies Journal), Land Prices Affecting Estate Plans, Wealth Strategies Journal 2.0, Oct. 17, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.