Over Thanksgiving Break, I was talking with a family of farm descendants. Their father died and his estate consists mostly of farm acreage. The appraised value of the land was considerably high and would subject the estate to a large amount of estate tax liability. Of course, there is little liquidity to pay any estate tax.
They need to consider whether the real property qualifies to use a special use valuation. The advantage is that the real property is valued at its farm use value rather than its fair market value. If the farm is located in Ohio and passes from the decedent to a qualified heir, such as a surviving spouse or children, it may qualify. The farm property must be devoted exclusively to an agricultural use. Also, the adjusted fair market value of the farm real estate must be at least 25% of the value of the decedent's adjusted gross estate.
Posts
11 comments:
Hola, Interesante, no va a continuar con este artнculo?
А! Hey sehr schönes Blog! Man .. Schöne .. Amazing .. Ich werde Bookmark Ihrem Blog und nehmen Sie die Feeds auch ...
Great post. I love it. Thanks for posting.
Hi, i just want to say hello to the community
learned a lot
Really like the graphical design and navigation of the site, easy on the eyes and good content. other sites are just way too overflowing with adds.
For the exelent information
I'll be back in the future.
Thanks!
Have a wonderful and fruitful year :)
[url=http://www.duracleanaustin.com]rug cleaning austin[/url]
Wonderful idea to write about a situation happening all over America. Any home owner or investor should really make sure they can control their finances, and if not, realize there are many professionals able to assist no matter the situation.
Congratulations! This is the best thing, Thank you so much for taking the time to share this exciting information.
Estate Litigation Lawyers Sydney
Thank you for this information. I'm planning on having my will drawn up and I thought I should learn more about Probate. Legal matters can be complicated, so I'm going to tell my friends the importance of hiring a probate lawyer.
Probate Lawyers Sydney
Hey nice post man! Thanks for incredible info. Macreelaw
Post a Comment