land prices lately?

[UGUIDE]

Hey UGUIDE the death tax still effects everything within a trust, this is why you see big farms broken up when there is a death and it is left to the relatives, they cant afford to pay the tax to keep it, that is why if you have any assets at all it is VERY VERY important to start some estate planning. If you have any questions PM me its what i do.

No offense wsparks but by what you said in your message I wouldn't even think of hiring you.

If the farm is setup right it should carry itself and pay the taxes. Beneficiaries could simply hire a property manager like Farmers National to continue mgmt with little involvement of family.

This is timely thread prior to a "estate planning" meeting with the attorney.

 

[UGUIDE]

I'm not selling, no way, not for any price. It takes years, if not decades, to get the land the way you want it. Money just can't replace the time element.

If land prices go up then its good for the heirs, if it goes down then it's good for me because I might get some more land. There is no such thing as a girl too pretty or owning too much land.

All kidding aside, I just refinanced and I love my banker!

LM, I couldn't agree more. I jsut got 5.7% at 15 years and now have it locked in until payoff. I thought I would never see anything under the 6.45 I had.

I think interest rates will have a lot to do with ag. If you see really high rates then things will get dicey for those tied to the rates.

 

[UGUIDE]

lol. me, crack, seriously?


im serious... land here is way more expensive here, believe it or not... ill be MORE than happy to go find a FARM ground thats for sale and take a pic of their sign that says 20K per acre. i think theres even one that has 25K per acre... there are lots of rich soil here as well and its pretty close to the river.

It's called good paying government jobs, hobby farms, scenery and supply/demand. Same thing happened here in suburban sprawl but now foreclosures and ag land is 50% off in suburban area.

mho

 

[wsparks128]

No offense wsparks but by what you said in your message I wouldn't even think of hiring you.

If the farm is setup right it should carry itself and pay the taxes. Beneficiaries could simply hire a property manager like Farmers National to continue mgmt with little involvement of family.

This is timely thread prior to a "estate planning" meeting with the attorney.

Sorry i should have phrased that diffrently. What i meant is i see that alot from where im from. I wasnt asking for a job simply i could help you get intouch with the right sources for which im not fimiliar with your state laws. Trying to be friendly is all. But i dont wanna go on about this its not the time or place (on a hunting forum). Sorry if i affened you not at all what I was implying. Geez now i feel bad

 

[UGUIDE]

Sorry i should have phrased that diffrently. What i meant is i see that alot from where im from. I wasnt asking for a job simply i could help you get intouch with the right sources for which im not fimiliar with your state laws. Trying to be friendly is all. But i dont wanna go on about this its not the time or place (on a hunting forum). Sorry if i affened you not at all what I was implying. Geez now i feel bad

No worries wsparks. I like to be set straight if I am off base becuase the truth is what sets us all free and that is what we are all trying to get here. Some fellowship and some truth. Some of the fellowship is like football locker room and not too touchy feely. Roll on

 

[moellermd]

lol. me, crack, seriously?


im serious... land here is way more expensive here, believe it or not... ill be MORE than happy to go find a FARM ground thats for sale and take a pic of their sign that says 20K per acre. i think theres even one that has 25K per acre... there are lots of rich soil here as well and its pretty close to the river.

Well I would like to see that. Yea find me some agricultural land that has sold for that. Considering the average 2009 value for crop land in that region was $1577 that would be quite the piece of ground. I am sure some ground might sell for that if it has developmental possibilities. But we are talking farm ground here.

 

[DonS]

Trusts

Trusts can be implemented to avoid FEDERAL death taxes, as written currently, and as written previously. ALL politicians have trusts, believe me! As far as states go, some, Kansas for instance has it's own quaint little death tax which as near as I know, cannot be avoided by any currently legal means. I am not familiar with any other states but Missouri, which has no inheritance tax. Guess where I live. I'm sure in the current tax crush, all states are thinking about having one, as well as the Federal proposal.

Yes, Kansas has a 5% death tax, and probate costs run more than that - so yes, it is a good thing to avoid probate and a trust may help you do so. But short of something in offshore islands, I am aware of no trust that allows one to avoid (or even successfully evade) the MASSIVE Federal death taxes that will revisit us beginning next calendar year. Always eager to learn, and have never met anyone I couldn't learn something from. If anyone can share any specifics on how to avoid 2011 and out year Federal death taxes via any legal means - you have my immediate, full attention.

Is Ted Turner adding to his holdings these days? Might be a clue.

 

[oldandnew]

trusts and tax on land

I certainly am not currently aware of any means which can be used to legally avoid the proposed re-institution of a federal inheritance tax. The old one had a threshold of 600,000 per individual, and with provisions could protect an additional 600,000 with a spouse. All bets are off on the new deal. But I would watch carefully because, as I said before all politicians have trusts, along with their exceptional health care plans, and superior penions, virtually no politicians like to pay taxes themselves. Leads me to believe that there will be loopholes.

 

[UGUIDE]

Met with attorney today and he was not aware of any "new" death tax coming down next year. He said you can defer up to a million dollars per spouse in each trust, 2 trusts but when the estate goes to the kids it gets taxed.

 

[oldandnew]

Trust

Uguide, the trust can survive the last spouse to die by 21 years, and gets taxed when it recieves step up valuation upon any particular asset being transfered to a beneficiary and or sold. Twenty one years a nice long time to pick your spot. Where were we 21 years ago land value wise?

 

[DonS]

Tax

Met with attorney today and he was not aware of any "new" death tax coming down next year. He said you can defer up to a million dollars per spouse in each trust, 2 trusts but when the estate goes to the kids it gets taxed.

Your attorney is technically correct, it isn't a new tax - it is an old one that was "temporarily" eliminated - with the hold expiring in 2011. Chances that it will be made permanent or even extended with current distribution of "R"s, "D"s and "I"s is zero - and I'd lay odds that even previously existing "little guy" exemptions will not survive intact.

No offense to anyone, some of my best friends are lawyers - but best I can tell, trusts usually benefit lawyers and their evil twins (tax accountants) to a much greater extent than they benefit the taxpayer. They aren't inexpensive to create or manage - and in the end, you moved the huge tax hit down the road vice "avoiding" one dime, exposing yourself to the probability that your trust will be taxed at an even higher rate than would otherwise have been the case. How often to taxes go DOWN in this country? Pardon the pun but I wouldn't bet the farm on that!