Fiscal cliff affects farm estate taxes
Local attorney Bruce Nuzum explains
With the extension of the Bush tax cuts, Jasper County married people can shield $10.5 million, either in life or death, without being taxed. A single person can shield $5.25 million.
Because of inflation, taxpayers can shield more money compared to the previous year. In 2012, an individual could shield about $5 million. Now an individual can shield about $5.25 million. Inflation is expected to rise, and so will shielding limits.
Local attorney Bruce Nuzum was not happy with how long it took the bill to pass, but those with substantial estates, especially farmers, will benefit from estate and gift tax exemption. Details about the bill are pending.
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