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Video instructions and help with filling out and completing 1099-s inherited property
Good afternoon my name is Ryan fields and I'm a trust in a state's attorney with the Kings prior law firm in Bethlehem Pennsylvania thank you for joining us as King spry and gray friars Institute present don't sell the farm unless you want to inheritance tax exemptions for family farms now before we get started today I just want to address a housekeeping issue please note viewing today's web webinar does not create an attorney-client relationship nor does the content of this webinar constitute legal advice the materials for this webinar were created solely for informational purposes and may not be shared or reproduced without the express written consent from Kings Bry Herman Freund and fall LLC additional information about our practice programs and services can be found on our website at wwlp.com okay so before we get started let's look at what will be discussed during today's presentation to start we will talk about life and planning before the exemptions the inheritance tax exemptions brought on by act 85 to be sure prior to the exemptions there were various creative ways to try and pass on farming and agricultural property to the next generation we'll look at some of those methods and how if at all some of those methods may have changed since the exemptions took hold next we'll look at the actual language of act 85 of 2022 as well as act 84 of 2022 which modified some of the language allowing for the exemption of farmland from inheritance taxes the two sections which were added by act 85 are not lengthy but there is a lot of language to digest we'll also look at the family business exemption which took effect in 2022 and how that interacts with the farmland exemptions finally we'll do some nuts and bolts work and look at a sample inheritance tax return accounting for both available exemptions we'll look at some specific things to be on the lookout for when preparing your so what was the impetus for the farmland exemptions back in 2022 family farms represented a significant source of statewide revenue according to the Pennsylvania Department of Agriculture there were approximately 63,000 family farms throughout the state owning roughly seven point six five million acres of farmland these farming families in turn accounted for roughly 5.7 billion dollars of revenue in addition to the family farm generating revenue throughout the state Pennsylvania is home to a significant amount of preserved farmland as of 2022 Pennsylvania leads the way in farmland preservation nationwide according to the American Farmland trust five thousand two hundred forty two farms and more than 550,000 acres are protected by agricultural conservation easements in Pennsylvania these easements and agricultural use properties also significant value prior to the Act eighty-five amendments passing down these valuable easements and real estate through the family would often generate half the inheritance tax assessments to that point consider the significant tax bills that would be attributed to property passing.