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Podcast: MID-WEST FARM REPORT - MADISON
Episode: Death Tax Modifications Aid Farm Succession Planning
Description: The death tax, otherwise known as the estate or gift tax, kicks in when assets pass on after death. It can have big implications for family farms or small businesses trying to stay afloat for the next generation. Extension Specialist Kelly Wilfert joins us to break down how the tax works and why agriculture groups have been championing the adjustment Congress made in the new federal budget. Before the federal budget passed, individuals could gift up to $13.99 million in assets without triggering the 40 percent estate tax, meaning just 1.1 percent of farm households were affected without estate planning...