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When Farm Owner Dies, New Estate Law Should Help…

Southern Maryland Online, by Dana Amihere

...Families Keep It in Business

Farmers who want to keep the family farm in the family and in business when the owner dies hope that a law signed last week will do just that for agricultural homesteads in Maryland.

The Family Farm Preservation Act (HB 444) signed by Gov. Martin O’Malley aims to protect the future of the family farming by substantially reducing death taxes on many smaller operations.

The new law, which takes effect in July, raises the estate tax exemption from $1 million to $5 million on agriculture-related assets so long as the farm remains in agricultural use for 10 years following the owner’s death. The previous base exemption made it difficult to for farmers to pass their farm on to the next generation following an owner’s death.


Posted by: Sammy on 06/02/12 at 08:02 AM
    Page 1 of 1 pages
  • 1. · I think this is great news! I keep hearing in Charles County that it is difficult to keep the family farms and that is why they sell out to developers- well, now they do not HAVE to.


    Keep farming and all is well.

    formerly known on the ‘Duck’ as spirit of the elder & BJGoodwin

    Comment by Barbara  on  06/02/12  at  11:21 AM | [Back to Top] | [Back to Main]
  • Page 1 of 1 pages

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