Obama's position on the estate tax

Quote:

Originally Posted by Centurion1

There are. Plenty of 500-1000 acre farms owned by a single family in comparison to the conglomerates I imagine you picture. And plenty of those farms are worth quite a pretty penny. Anyway theres a federal exemption for them so, meh.

As I said my concern is with other things.

I don't think you guys are understanding "small business" here as it is being discussed.

Yes. It is owned by a few people (mom, dad, grandma, uncle Lou) Anyone with half a brain would incorporate, for tax simplicity purposes and also legal protection, perhaps an LLC or the like, and move these assets from themselevs to the business. Even if they didn't incorporate and they did sole propiertership or used an umbrella, the assets would still fall under the company

These stories we hear of people lsoing the family farm is because granddad was scared of computers and shot at the census man. With a little planning and perhaps some help from his kids, these situations could be avoided if the business is structured properly if, in fact, it was business. Now if this was just some guy on some land who grew all his own food and meat, then there is a good potential that this land could cause tax issues. I know people like this. And I also know they sell their bumpber produce and livestock locally and under the table and dont pay taxes on it, and if they would just become a legit "business" this could be avoided

Personal credit and business credit are two different things.

I would like someone here to find me a "family farm" that is worth millions that has not been turned into a sole porpiertership, umbrella or LLC etc. I simply don't believe they exist