I'm in this situation -- when my mom passes, me and my brothers will inherit the family farm of 320 acres in central VA. As far as I can tell there's no inheritance tax involved.
Just in case, decades ago my dad put the land in a family partnership of which me and my siblings each own 19%. So even if inheritance tax was a thing for family farms, there are ways around it.
We'll have to pay property tax on it, but that's around $3000 per year.
> Just in case, decades ago my dad put the land in a family partnership of which me and my siblings each own 19%.
Is it that easy to bypass the estate tax? I'm surprised it collects basically any money at all, if all you have to do is make your children "co-owners" before you die.
Just in case, decades ago my dad put the land in a family partnership of which me and my siblings each own 19%. So even if inheritance tax was a thing for family farms, there are ways around it.
We'll have to pay property tax on it, but that's around $3000 per year.