Recently, the IRS announced the 2023 estate and gift tax exemption amounts.  These amounts change slightly each year, and are an important consideration in a person’s estate planning process. As we have previously discussed the IRS sets a certain amount that a person is allowed to give during their lifetime or at death without estate or gift tax liability.  [Read prior blog posts here and here.]  The IRS adjusts the amount each year.  For 2023, the exemption amount will be $12.92 million per person, up from $12.06 million… Read More →

The Agricultural and Food Policy Center at Texas A&M University recently released a report looking at the likely impacts of proposed changes to the estate and capital gains taxes. [View Report here.]  Specifically, the report analyzed the impact that changes to the lifetime exclusion for estate taxes and the elimination of the stepped up basis for capital gains taxes would have on the AFPC’s 94 representative farms.  The results were clear in showing that for the representative farms, the proposed policy changes would greatly increase tax liability. Estate… Read More →

Today, we are wrapping up our three-part blog series, Talking Taxes.  Be sure you didn’t miss our prior posts on the estate tax and gift tax.  Today, we will tackle the topic of capital gains taxes. I’ll offer the same two disclaimers as I have on the prior posts in this series.  I am not a tax lawyer, CPA, or accountant.  I’m here to offer just basic information, but highly recommend that you consult with your attorney and tax professional for further advice or clarification.  Second, there has… Read More →