If the combination of extreme drought and historically hot temperatures isn’t giving farmers enough to worry about this summer, sweeping changes to the federal wealth transfer tax system are looming large. Yet, many family farmers are not aware of the full implications of these possible changes – including losing their farms.

“Few farmers fully understand there is a limit to the amount of wealth that can be transferred from generation to generation, and those who don’t take advantage of the current tax environment could be forced to sell their land to pay the estate taxes on that very land,” says Milwaukee-based estate planning attorney Eido Walny. “Since the IRS does not differentiate between wealth held in the form of cash versus land, equipment, or other forms, a farmer with a $2 million farm is treated the same as a Wall Street banker with $2 million cash in the bank.”

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