Estate, death or inheritance tax - no matter what you call it, this tax is an important issue to Texas farmers and ranchers. If not properly addressed, this tax can threaten the family business when family members pass away and leave the land to a new generation.
In a 225-200 vote, the U.S. House of Representatives recently approved a bill that some called a "permanent fix" to effectively eliminate the estate tax. How this affects an individual farmer or rancher may vary greatly depending on individual circumstances, but without proper estate planning, some could end up paying a large percentage of the value of their operations - as much as 45 percent - in the form of capital gains taxes when they die.
In order to protect the Texas traditions of farming and ranching, I would urge all Texas farmers and ranchers to educate themselves on this important tax issue. For further information, please contact your U.S. senator or representative.