There is much talk this political year about the so-called “death tax” but, much of the talk seems to miss the mark. Right now, family farms and small businesses receive a one million dollar exemption from the Estate Tax that will grow to $3.5-Million dollars by the end of the decade. University of Missouri Extension tax specialist Parman Green of Carrollton says few Missouri farmers need to worry. Green says the Estate Tax would rarely, if ever, keep a farm from being passed down to another generation. It would more likely cut into the inheritance of an heir who wants to sell the farm. Green won’t go so far as to say politicians are lying about the tax. Green says all farmers and small business owners need to make estateplanning a part of their tax preparations.
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