A Minnesota farmer says proposed changes to the estate tax could fundamentally change the way family farms are structured.
Kirby Hettver, a fifth-generation farmer from DeGraff, tells Brownfield he’s concerned.
“Obviously we don’t want to make any decisions without knowing a little more about what exactly they are going to end up with.”
President Biden has proposed to eliminate stepped-up basis, which would cause inherited assets, like land, to be taxed upon the previous owner’s death, and lower the estate tax threshold from $11.7 million to $500,000.
