New analysis from Texas A&M considers the impact of proposed tax legislation on transitioning farm and ranch estates and several ag economists say it makes succession planning even more important.
Ag economist Joe Outlaw with Texas A&M University’s Agricultural and Food Policy Center says farmers often don’t realize just how much money is tied up in land and assets. “The long and short of it is when you look at this analysis the elimination of stepped-up in basis impacted almost every one of them,” he says.
