My Mother in law recently passed away. She lived in Minden, Ne. all her life.
She and her late husband worked their entire lives in Kearney County. They owned farms, feed lots, gas stations, implement
dealerships, and rental properties.
They have payed income taxes on these business their entire life as well as capital gains when they sold parts of the operations. Her estate is large in my opinion. I do not know the exact value, but probably around $3-4M. We will have to sell nearly half of the estate to “pay for” the other half.
This will also cause us to let go of a manager who manages the farms for us. With corn at $1.60/bu, I doubt this loss will be recovered in time for our children to enjoy and inherit what should be
theirs after we are gone.