In my last post, I talked about how the IRS must use a fair market value when determing value passed through estate planning or gifting. In this post, I want to just highlight what some of those values are, generally, and give you, as someone interested in estate planning, an idea of how large the IRS actually thinks your estate is so they can tax it.

First, land values: Based on my reviews of land sales here in southwestern Oklahoma, land values vary greatly. We have taken a small hit on the price of range and pasture land, but croplands are rising fairly well, if you are a landowner. Recent trends tend to show that pasture land will bring between $450 and $800 per acre, mainly just for the surface. For cropland that will stay as cropland, the price is usually between $600 and up to $1,500, a lot depending upon production history and location. For cropland that is likely to be split into homesites of 20 acres or less, the price varies between $2,000 and $5,000 per acre (location being the key here). For irrigated cropland, there have not been many recent sales to show a trend, but based on prodcution levels, I would assume that good irrigated land would be worth between $2,000 and $3,500 here in southwestern Oklahoma.

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When you add up these values, it is easy to see that even a small landowner (about 500 acres of surface and minerals) could easily pass the $1,000,000 estate tax exemption that will be passed next year. So if you are a landowner, you should contact a qualified estate planning attorney to see how you can ensure your legacy passes to your children and not to Uncle Sam through wealth transfer taxes.