We want to leave our farm ground to a son in our will. But wondering about inheritance tax. What's the best way to

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Customer: Second opinion] We want to leave our farm ground to a son in our will. But wondering about inheritance tax. What's the best way to reduce the amount of taxes that will have to be paid. Should he just purchase the land now from us while we are still alive?
Answered by Barrister in 12 hours 7 months ago
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Barrister
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Barrister
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Barrister, Expert

Hello and welcome! My name is ***** ***** I am a licensed attorney and I will do my best to help with your situation.

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I know your question is important, but there may be a short delay in my responses as I type out an answer or reply

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I have read your post and I am sorry to hear you are having to deal with this situation as I realize it can be frustrating and confusing.

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Barrister, Expert

There is no state inheritance tax in Indiana. And as long as the land is worth under 12 million, there is no federal estate tax either.

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So you can simply leave the farm to the one child in your will and there will not be any taxes at all unless it is worth more than 12 million.

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Barrister

Customer
IF they do change the state inheritance tax laws, which I have heard they might, then what would be our option?
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Barrister, Expert

I can't really opine on possible changes in the law in the future as there is no way to predict what they would say, whether there are exclusions, whether there are loopholes, when they become effective, etc. We can only deal with the law as it is today.

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Did you have any other questions about the situation I can help with?

Customer
That's it for now, thank you.
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Barrister, Expert

You are very welcome. Glad I could help.

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It was my pleasure to work with you and help with your question. If you ever need to reach me in the future, you can post a new question with the title "For Barrister” or just add me as a favorite Expert. You'll have the option to do that on your "My Questions” page.

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Have a great afternoon and be safe!

Barrister

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