An attorney specializing in farm succession planning says he’s most concerned about a potential transfer tax policy change proposed by the Biden administration.
Mike Fraleigh of Michigan-based Fraleigh Law tells Brownfield right now there is no transfer tax, but potential changes as proposed by American Family Plan could change that.
“Even if you have no estate taxes, taxes paid on death, Uncle Sam wants to tax the transfer of the property out of your estate, out of your estate by will, or by gift during your lifetime at 39.6 percent,” he says.
