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Agri-Legacy Conference Thursday in Decatur
The coming changes in the estate tax could have a huge impact on the family farm. To help farm owners prepare, a planning event for farm succession is happening Thursday, February 23rd, in Decatur, Illinois.
Stu Ellis, Director of Ag/Engage, says the event is meant to prepare farm families for the reduction in the estate tax exemption, from $5 Million this year to $1 Million in 2013 – along with the higher tax rate of 55 percent on the non-exempt part.
“As we see tremendous amount of increases in land values,” says Ellis, “Families that think they may not have much of a problem will realize that whoever owns the farm passes away next year, there is a good chance that the farm would have to be liquidated.”
Ellis says there are things that can be done to prepare ahead of time that everyone in farm ownership needs to know to save their farms.
“Really, we look at the estate tax as being potentially the great demise of many, many family farms,” Ellis tells Brownfield.
The Agri-Legacy Conference put on by Ag/Engage and sponsored by Beck’s Hybrids is at the Decatur, Illinois Conference Center and Hotel on Thursday, February 23rd, from 9 am til 3 pm. To register online, go to www.agri-legacy.com or call 217-877-9660.
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