America’s Land Auctioneer

How The “Big Beautiful Bill” Reshapes Farm Wealth And Taxes

• Kevin Pifer + Jack Pifer + Steve Link + Andy Mrnak + Jim Sabe + Christian Miller • Season 9 • Episode 12

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Taxes shouldn’t decide the future of your farm. We sit down with Jody Robinson, VP of Tax Planning at Mariner Wealth Advisors, to unpack how the so-called “Big Beautiful Bill” changes the game for landowners and the families who depend on them. From estate tax thresholds to capital gains strategies, we break down what actually matters when the goal is to keep acres in the family and options open.

We start with the bigger picture: how a higher, now “permanent,” federal estate tax exemption buys time and clarity for long-range planning, and why state-level rules can still spring surprises. Jody explains the step-up in basis in plain English and shows how it erases decades of appreciation for heirs, often preventing forced sales at the worst possible time. Then we pivot to active moves: 1031 exchanges to keep gains deferred and capital working, Qualified Opportunity Zones for an alternate deferral path, and portfolio tactics like tax-loss harvesting to soften the blow when sales are necessary.

Operators get a timely walkthrough of bonus depreciation’s return to 100% for qualifying assets such as equipment, irrigation, and grain bins. The upside is immediate cash flow relief; the catch is potential depreciation recapture when you sell. Jody lays out how to time purchases, align hold periods, and avoid trading short-term relief for a bigger tax bill later. We also dive into titling choices—individual, joint, trust, or entity—and how they affect control, transfer, and taxes. Finally, we tackle gifting versus inheriting: when lifetime gifts support continuity for an on-farm heir, and when waiting for inheritance preserves a step-up in basis for those likely to sell.

If you want a practical roadmap—clear steps, real trade-offs, and fewer landmines—this conversation delivers. Subscribe, share with someone planning a transition, and leave a review with your top tax question so we can cover it next.

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Contact the team at Pifer's

SPEAKER_01:

All right. First segment will be eleven forty-five. Three, two, one. Welcome in to America's Land Auctioneer. I'm your host today, Jack Piffer, filling in for Steve Link on today's show. Uh, Steve did line up uh an excellent guest for us today. We have Jody Robinson, uh VP of tax planning over at uh at Mariner. Jody, thank you so much for for joining us here.

SPEAKER_00:

I'm happy to be here. Thanks for asking.

SPEAKER_01:

Yeah, yeah, absolutely. Yeah, we've worked with uh with Mariner, um, kind of established a little bit of a relationship over the over the past few months. So it's been really interesting to learn more about Mariner and your guys' company and all of the resources that that you guys have. Um and so uh yeah, as far as uh maybe you could talk a little bit just about about your role over there um and and where you're located at, and um just a little bit about Mariner overall as a company as well.

SPEAKER_00:

Yeah, um happy to. I'm a member of our practice management team, and uh that practice management team supports our advisors and um and clients. So my role is to support advisors and clients with income tax planning um throughout the year, identifying opportunities, kind of helping to solve specific tax problems that they might have. Uh, but I mean, in general, Mariner um is um at its heart a wealth management firm. But as you mentioned, we have just a ton of expert resources in the areas of insurance, tax, um, retirement, all of that. So um great organization to be part of, proud to be part of it.

SPEAKER_01:

Yeah, yeah, definitely. And yeah, the resources um when we went and met down in the in the Kansas City office, just all the resources you guys have as far for for businesses, for individuals, um, we wealth management, tax planning, all that stuff. Um, we were just blown away by all of the uh um by how it's uh you know, kind of a small town or not small town, but small company feel um when we interact with uh with people from from Mariner, but um, you know, just the the resources of a of a huge company, which is which is really awesome. Um one thing I do want to talk about today is unpack a little bit of the uh um the big beautiful bill, right? And uh and some of the tax incentives um and extensions and all that stuff that uh that come along with the the big beautiful bill. Um and I guess specifically um on the on some of the real estate side um is some of the stuff we'll dive into here today, um being that we are um you know working with landowners on a daily basis, um, and people who are we're always trying to figure out um you know any type of tax incentives that they can find when selling real estate or buying real estate, um, and that kind of thing. And uh I know the the big beautiful bill is I'm sure there's still plenty of stuff in there that that people just haven't gotten to yet and haven't read all the fine print on yet. Um, but uh, you know, from my understanding, um, you know, it's uh extended a lot of stuff that uh um that the Trump administration tried to put in place during his first term. Um, you know, it has uh um created some some specific tools for for landowners that they can use. Um but um you know I guess if uh you know, do you have any key highlights or or key items that um that people should should be aware of uh from the big beautiful bill?

SPEAKER_00:

Yeah, so uh a number under um TCJA taxpayers um tax and job cuts um was it was set to sunset at the end of 2025. So what OBBBA, OBA, we call it kind of OBA ABA, um, did was make some of those provisions permanent. Um, a few of the key ones being capital gains or um tax rates, higher standard deductions. The big one was the um permanency of the estate, increased estate tax exemption. So$15 million per person in 2026,$30 million for a married couple. Had that not been made permanent, it would have reverted back um on January 1, 2026 to the$5 million per person mark that it was pre-TCJA. So that was a big deal. That was a really big deal.

SPEAKER_01:

Yeah, yeah, that's a huge extension. And I know that's definitely one that um um that we see, you know, local farmers and and landowners in our region um very concerned about. Um, because that's just the federal side, right? You know, that's um on the state side, there would be uh obviously different tax consequences that that people have to look to, right?

SPEAKER_00:

There can be. Um most states um are in alignment with the same as state tax exemption that um the feds have. There are a handful of states, though, that you need to be aware of. Um if you live in one of those states, that do have significantly lower exemptions. Some of them are 1 million, 2 million, 4 million. Um, so you may think that you've done enough planning, you know, around that$15 million Fed mark, uh, but the states have a much lower um exemption rate. But the the majority of the states follow federal, which makes it a little bit easier, but there can be some um tricky states to deal with.

SPEAKER_01:

Okay. No, that makes sense. Yeah. And uh, and yeah, when you're talking about, you know, a large asset like uh you know, like farmland, um, you know, especially here, like where I'm located today, here in the Red River Valley, um, it doesn't take a whole lot of farmland to reach that that that five million dollar mark um that it would have reverted back to. Um, and so you know, we've uh we've run into situations in the past where um, you know, uh um, you know, uh a large farming operation, say that the head of that family passes away and they're left with a uh um a huge tax bill um and unfortunately might have to to sell some some farmland um or uh or find some creative ways to uh to be able to cover those those uh those tax expenses just because there wasn't enough uh planning in place, right?

SPEAKER_00:

Um so this increase is is um is huge and it you know provides I guess some permanency um to the extent that the US government anything in the US government is permanent, right? Um it's permanent until the next administration decides it's not or whatever.

SPEAKER_01:

Right. Yeah, and that's uh that's a good point. Because yeah, and in reading about this, yes, it says that it does make some of this stuff permanent, but uh yeah, like you just said, you know, for for how long and how long can anything be permanent in in our government today, exactly.

SPEAKER_00:

But but what it does do is I mean, for the for now, provide some stability for um, you know, landowners, investors, families, um, to do some planning and to do some strategic planning. You know, when when things are considered temporary, people, you know, they either don't make a decision on what they want to do or they make a knee-jerk, you know, they may have a knee-jerk reaction and do something that you know doesn't necessarily make sense for them long term. So it does provide some stability and maybe a little more time to put some thought into how do we want this to you know play out over time.

SPEAKER_01:

Right, right. Yeah, no, that's uh that's a really good point. Um, yeah, and especially um, you know, in the last 10 years or so, it's been a lot of uh inconsistencies. Um, so for something, you know, of this magnitude to get pushed through, um, and something that would ultimately be be pretty hard for a lot of these decisions to get uh reversed, you know, even with uh uh new administrations down the line, um, really nice for people to be able to um plan at least for the near future here um with some of the stuff outlined in this bill.

SPEAKER_00:

Yeah.

SPEAKER_01:

Um, you know, one thing um that that Steve had down here, um, you know, if you were to uh um approach um, you know, a family who's looking to get kind of creative with some of these these tax strategies, you know, specifically maybe a uh um a family that that owns quite a bit of of land or or real estate of any kind, you know, what are some of the first key questions that that you might ask um people in that position um just to get uh to kind of lay the groundwork and to get the best feel for what they would want to accomplish?

SPEAKER_00:

Yep. Uh so first, um who do you want to inherit the land and are they ready to manage it? Second, how is it titled today? How is it owned? Is it owned individually, jointly, in a trust, in an entity? And then third, do you have liquidity to cover the taxes without selling land? So those are you know the three things that I would start with, you know, just kind of trying to frame up where are you at now? How do you want this, you know, how do you envision this happen, you know, unfolding in the future?

SPEAKER_01:

Right, right, right, yeah. Yeah, no, that's uh those are really good questions, and uh yeah, definitely um it would give you a really good idea of um what people are trying to accomplish. You know, as when you see a lot of uh um when you see or ask people about, you know, how is the land currently titled, um, you know, is there uh specific um specific answer you're hoping to hear uh when you ask a question like that? You know, if it's all individually owned, um, you know, does that kind of become a problem and something that you try to um try to fix um in the early process?

SPEAKER_00:

Yeah, I mean, every every situation is different, which is makes what I do interesting, right? So it really depends upon that particular facts and circumstances. But what we're trying to do is figure out, you know, if you own it individually based upon the value, you know, this to play out, does it make sense for it to be held in trust? Um, or does it make sense to be in a family-owned business entity? So that's you know, laying the framework for where is it now, what's going to get a better tax result, or what's gonna be you know more beneficial to transferring this to the beneficiaries in the future without having to think about selling it.

SPEAKER_01:

Yeah, yeah, absolutely. Yeah, no, that makes uh um that that makes a lot of sense. And obviously, you know, every like you said, every every situation is different with every family. Um, and sometimes that that uh that first question of you know, who uh who in the family do you want to end up inheriting the land? And um, you know, that decision I know can become a little bit uh uh tricky to answer and and probably the the toughest thing as far as planning for a lot of farm families in our region. But um, yeah, definitely a really good place to start. Um we are getting towards the end of our first segment here. I do want to thank uh Pifers Auction Realty and Land Management for sponsoring today's show. Uh take a look at Pipers.com for all of our upcoming uh land and equipment auctions. Um, and feel free to reach out to any one of our uh land managers, uh equipment or uh or real estate agents um for a free consultation. I also want to thank uh Jody with Mariner here today uh for joining us. Uh we will dive into some more um tax questions here on the next segment after this break. Three, two, one. Welcome back to America's Land Auctioneer. I'm today's host, Jack Piper with Piper's Auction and Realty, joined today by Jody Robinson, uh VP of uh tax planning over at Mariner Wealth Advisors. Um, Jody, thank you so much for joining us here today.

SPEAKER_00:

I'm happy to be here, ready to talk tax.

SPEAKER_01:

Yes, yep, everyone's favorite, uh favorite topic uh to listen to on a Saturday morning.

SPEAKER_00:

Exactly.

SPEAKER_01:

Uh that that you're getting given out here today for free, right? So that's uh that's the one thing that's nice about it, right? That's right. Yeah. Um, we were talking a little bit last segment, um, you know, just about kind of the first steps um and the first questions that people should be asking themselves when it comes to tax planning, um, specifically looking about uh tax planning around um um around real estate assets um and how to avoid some some major uh some major tax consequences that that people can face, uh, specifically when it comes to um inheriting land or um or um you know when when anyone passes away that's that's uh a large landowner um and the consequences that they can face tax-wise. Um, you know, one thing that that people hear about all the time in the real estate world is the uh a stepped up basis, right? Um and so, you know, maybe give uh just kind of a uh a high-level view on on how a stepped up basis works um and how it can benefit um people when it comes to tax planning.

SPEAKER_00:

Yeah, so I guess to clarify, this is not new with um the one big beautiful bill, um, but it was potentially at risk. It had been kicked around, you know, for several years, the uh it could go away, which would be a big deal. So what happens um when you inherit land um from a parent, a family member, you receive a stepped-up basis. Now, what that means is let's say the the parent purchased the property originally for$500,000. It's now worth$2 million. Your tax basis in that property is stepped up to that higher amount, the fair market value essentially on the date of death. So, what we've done is wiped out all of that unreal, you know, unrealized gain, all of that appreciation that could have been subject to tax, you now have a higher basis in that, which means that if you would sell it today, you may have little or no gain on it. Um and if you hold it in the future, you know, you do have uh you'll have a reduced gain on it because you're you're not you know carrying over that original basis. So it's a big deal, the retention of that, especially when we're dealing with you know farmland that may have been in the family for generations or you know, purchased a low cost originally, having that stepped up basis is critical um for you know the next owner.

SPEAKER_01:

Right, right. Yep, and we get uh we get asked about about that specifically all the time. Um, and yeah, probably the uh um the hardest thing to navigate is those cases when when the farmland has been um uh in the family or owned by the same uh entity or or person for a large amount of years. Um, you know, and in the past four or five years now, we've been in the middle of this this large run-up in in values. And so even somebody who's who's only owned the land for for 10 years or so um is looking at a large increase um, you know, and a in a pretty big capital gains hit. Um, you know, if uh and and sometimes, you know, that it still is the case where you know they're aware of that and uh and you know, still in a case where they're wanting to sell the land. Um, you know, in situations like that, are there any specific um um tools or anything like that that that you guys recommend to try to avoid some of that capital gains tax? Um, you know, I know the big one is like a 1031 exchange into some other property that maybe has a little bit of a better return. Also, so it maybe makes sense to sell one property and roll it into another. But um, what are some of the different tools that that you guys um might recommend um to try to avoid some of those those capital gains taxes?

SPEAKER_00:

Sure. So um, you know, uh a few things. One of those, like you said, is a 1031 exchange where you're rolling um essentially rolling that property into another similar type of property. So um you're deferring the gain until ultimately that prop that next property is sold. So that's one vehicle um to defer gains. Another one that was also renewed um in one big beautiful bill is um the qualified opportunity zones. Uh so that's a vehicle where you can you know take your gain that you would have recognized and invest that into a qualified qualified opportunity zone fund and essentially accomplish you know something similar to a 1031 exchange, whereas you know, if you leave that gain invested for a certain period of time, um you know you get to defer it. So that and that's very simplistic terms. There's more complexities to it than that, but we don't want to create another podcast on qualified opportunities and funds. But uh, so there are vehicles like that whereby you can defer gains. Um, I mean, we're a wealth management firm, so some of the things that we deploy to are opportunities, you know, to potentially harvest tax losses from other parts of your portfolio or assets so that we can not necessarily defer the gain, but reduce the impact of that gain. So those are types of things that um that we are looking at as far as you know, can we defer it? Can we reduce it? You know, charitable strategies, you know, we'll look at all options that may fit that person's situation.

SPEAKER_01:

Yeah, yeah, very interesting. Yep. Yeah, and I guess, you know, the the big one that we always um hear and see is is the 1031 exchange, whether people are um, you know, getting out of uh investment rental property or something and looking to buy farmland um or they're trying to avoid that uh that capital gains after selling property and um and trying to um you know because on farmland, really the best case you're hoping for if you're more of an investor landowner, you're really hoping to get like a two or three percent return uh in the form of your your rent check every year. Um, but uh, you know, in the long term, you're counting on that um that that increased you know appreciation on the property. Um, but but for some people um, you know, who may be um inheriting farmland, sometimes that that two to three percent return just doesn't quite make sense on paper. And so, you know, even being able to use a 1031 to invest in in something like a REIT, a real estate investment trust, where uh um, you know, where it's uh um you're basically buying into a a partnership of of or a group that owns large amounts of investment properties and can receive some type of annual dividend, and also um still work with that that appreciation there. Um, and then I think you can also uh participate um in some of that uh schedule deep depreciation um uh when you're a part of uh the a real estate investment trust. Um and that's one of the the really nice, you know, we're talking about some of the the consequences and and tax consequences of of owning farmland. But um, I know we've only got a couple minutes left, but maybe if we could talk just real quickly on on some of the the bonus depreciation on on real estate properties and how that can benefit people tax-wise.

SPEAKER_00:

Yeah, so I I didn't mention that in my highlights, but that is also um a significant um part of the one big beautiful bill. Um so bonus depreciation essentially allows you to um when you're investing in depreciable property, whether that's farm equipment, um, some components of buildings, um, irrigation, um, those types of things, it allows you to immediately expense that. So in the past, you know, you you're making a decision to depreciate property. So you have a cash outlay on a piece of equipment that may take seven to ten years to actually become a tax expense for you. So bonus depreciation allows you to immediately write it off for 2025. Bonus depreciation was only allowed up to 40% of your purchases. It's now been increased back up to 100%. So if I go buy a tractor or a combine couple million dollars, um, I can expense that whole amount this year, which is increases tax flow for me or cash flow for me, reduces my tax cost immediately, is a big benefit.

SPEAKER_01:

Wow. Yeah. Yeah, that definitely sounds like um something that you know a lot of the people that we work with every day um definitely need to be aware of um and could be uh um you know a huge, a huge positive when it comes to buying um some of these big assets. Uh running out of time for segment two here. I do want to thank you, Jody, for for joining us here today. Well, I hope you'll be you'll you will be back for the for the next segment, I think. I want to thank Pipers Auction and Realty for sponsoring today's show. We'll be right back after this break. There are uh two, one. Welcome back to America's Land Auctioneer. I'm today's host, Jack Piper with Piper's Auction and Realty, joined by Jody Robinson with Mariner Wealth. And we have been talking all things tax here today, uh, specifically focusing on some things, um, uh some new items, um, and also some uh existing items that have been extended under the uh the one big beautiful bill um that everyone has heard so much about. Um, you know, we mentioned earlier that um you could probably do a long series of podcasts on the big beautiful bill, uh, but trying to focus uh a little bit just on on things uh more catered towards uh towards landowners um and tax planning around real estate. Um, and that's why we have uh a great expert, Jody, here today. So Jody, thank you for for joining us.

SPEAKER_00:

Happy to be here. Thanks.

SPEAKER_01:

Yeah, you bet. Um, we talked uh ended the last segment talking about some of this bonus depreciation. Um, and you did a really good job explaining it. But um, you know, even for for someone like me, sometimes it's good to hear things uh a couple times. Um and I do think that it's just uh a hugely important um tax tool for people to use. Um, so maybe if you could just give another quick recap on on the bonus depreciation um and exactly which which assets um um that people can be can be using um under the bonus depreciation uh rules.

SPEAKER_00:

Sure. So uh so bonus depreciation uh as I had previously mentioned allows you to directly expense um a purchase that you've made, uh what would be a depreciable asset for the farm or your business. So think um equipment, farm equipment, um not necessarily building structures themselves.

SPEAKER_01:

Um but maybe stuff like like grain bins um and stuff like that, um, you know, uh infrastructure that has uh a use to it, a specific use to it, if that's fair to say.

SPEAKER_00:

Yeah, exactly. Exactly. So, you know, we're talking farm equipment, fencing, irrigation, grain bins, those types of things. So um, but it allows you to take a direct write-off um in the year that you purchase it, which is huge, um, because you know, normally you're making that investment getting a tax write-off over time. This allows you to get tax dollars right back in your pocket for that cash outlay.

SPEAKER_01:

Okay. And so let's say a person were to buy um, you know, to buy some type of um, you know, uh farm yard with uh with some buildings on there and and some grain bins, and it also comes with some equipment and stuff like that. Um and they were to um to use this uh all in the first year and depreciate out all of the uh all of the improvements and and equipment on that property. Um and then they were to turn around um and sell the property within a couple of years. Is there any tax consequence for for uh for that um for for using this all within a one year and then uh kind of turning around and selling the property? What's the tax consequence then?

SPEAKER_00:

That's a really great point. Uh, because um it does completely wipe out your basis in that property. So if I've let's say um I'm gonna use a real simple example. I I've purchased a tractor um for half a million dollars. That might be like I'm not up to date on what farm equipment costs these days.

SPEAKER_01:

You can pay just about anything you want for new tractors, so that's not uh from a small farm in Nebraska.

SPEAKER_00:

Long time ago, things didn't cost that much. Uh half a million dollars. And I expense it all in one year under the bonus depreciation rules. I sell it two years later for$400,000. I essentially have zero basis in that tractor because I wrote it all off in the first year. So I turn around two years later and I have$400,000 worth of gain. The full amount um is going to be taxable. So there is a tax consequence um of that accelerated deduction um because your basis is essentially becomes zero in it.

SPEAKER_01:

Right. Okay. Yeah, and that that makes sense, you know, with all of these um tax planning uh tools, you know, ultimately what it seems like what you're what you end up doing is somewhat kicking the can down the road. Um in some sense, I hear that all the time when it comes to these these tax planning strategies, specifically like with the with the 1031. And um unfortunately things only seem to to reset um, you know, when something is inherited or changes hands and and that new basis gets created. But um that's uh that's definitely good to know um that it's not just something where where people can use it on as a as a quick way to eliminate a bunch of taxes for for one year, you know, ultimately they they do end up uh responsible for uh for those that that tax in some way or another.

SPEAKER_00:

Absolutely. And that's why, you know, I mean I guess good thinking thinking forward um and planning, you know, can help because if you know you're gonna turn around and and sell it again fairly quickly, you may make a different decision. Uh so you know, that's where that's where having experts around you can kind of help you think through those different things.

SPEAKER_01:

Yeah. Yeah. And that kind of leads into uh into my next question, you know, with um with something as comprehensive as this big beautiful bill, um, and as as frequent as um, you know, the current tax landscape seems to be changing. Um you know, how important do you see the role of of CPAs and estate planning attorneys um and uh real estate brokers and all that? How uh how do you see the role of uh of different different professionals kind of changing? Um and how important uh of an impact do you see them having on um on some of these situations that we're that we're talking about here today?

SPEAKER_00:

Yeah, I mean, I guess first and foremost, I think having surrounding yourself with good advisors is extremely important. You know, this is one you shouldn't go it alone because there's a lot of landmines out there. Uh, but you know, whether you're assembling a team, you know, that deals with estate, tax, finance, um, real estate, you want to make sure that everybody is on the same page, that you're all working towards the same goal and that you know, one hand is not doing something that is counterintuitive to the long-term plan. So this is, you know, it's very important to make sure that whoever's on your advisor team knows the plan, is collaborating and all working together.

SPEAKER_01:

Right, right. No, that's uh that's a really good point, and um um, you know, kind of rolls into what we talked about in the first segment um when I was uh talking a little bit about your company, about Mariner, um, and just all the resources that that you guys have um at your disposal, um whether it's tax planning, uh estate planning, um, you know, just basic wealth management. Um, you know, you guys really provide uh a comprehensive 360. degree uh view of of of how you can help um for businesses and for for individuals so um yeah just uh for you guys have been a a great resource for for us to bounce questions off of um and so yeah i think it's uh like you said just being able to surround yourself with um um with with with professionals and and make sure that everyone's working together towards the same goal towards your goals right uh is hugely important yeah for sure yeah um uh I did have one written down here you know um what uh what do you think uh uh on this bill what do you see as something that's probably the the least understood but but maybe is uh the most important for uh for for people in in our region and uh and landowners specifically um you know what what's one thing that um that people really ought to know um and really be ought to be asking questions about when it comes to some of this stuff yeah that one's uh uh I don't know that I can pinpoint one um specific thing again I'm gonna kind of circle back to the importance of making sure that you've got people advising you who do know you know where are those landmines where could we misstep here and can help guide you through that that I guess if you take anything out of this uh time that we have together today is to make sure that you've got experts around you to help you advise.

SPEAKER_00:

Don't go it alone I've seen too many you know bad scenarios where someone was unaware of this one little sliver of the law that tripped them up and cost you know thousands hundreds maybe hundreds of thousands of dollars to them or their beneficiaries so this is tax an estate landscape is complicated.

SPEAKER_01:

Yeah you shouldn't go it alone right no no I think that's right and and even just to have someone in your corner to make sure that you're you're asking the right questions right and to be making sure that you're you're concerned about the right things um you know like you said I'm sure you've seen um situations of of of all kinds but um and and you don't need to answer this this next question with any any specific answers or anything but um you know what are some some consequences that that people can see um or just general um general consequences that people can see um from from poor planning or from not being uh not being as prepared as as maybe they should or could be um when it comes to some of this stuff sure so I you know I mean we always encourage people to well number one plan but number two also go back and revisit any kind of planning you've done previously estate documents wills trusts make sure that everything is up to date for you know tax law changes for whatever other life changes may have happened whether that's death divorce etc um make sure that you're revisiting those plans so that it doesn't end up you know costing you hundreds of thousands of dollars in estate tax that you didn't think it would so that the right people or the people that you wanted to inherit assets are inheriting those assets make sure that you know things are going the way that you intended them to right right yeah we've seen too many family disputes later because of poor planning on the front end that can tear a family apart after the matriarch or pick patriarch are gone. Yeah yeah yeah it sounds like you know ultimately you know working with with professionals and um and making sure you're planning accordingly ultimately just make sure that your wishes are being fulfilled right absolutely yeah all right well uh we will uh are running out of time here for this for this third segment we will we will be back for our fourth and final segment uh right after this break all right three two one welcome back to america's land auctioneer i'm today's host jack pfeifer uh we have been talking on all things tax planning today uh talking about some of the things that are uh new in this uh uh one big beautiful bill and some things that have been extended um and just kind of talking about uh you know taxes and uh and how um especially for real estate and and the different landowners how some of these uh um tax uh tax consequences can um can affect them and also some ways to potentially avoid some taxes um and stuff like that we've got an excellent guest here with us today jody robinson with mariner wealth advisors um so jody uh thank you so much for for joining us and uh um and sticking around for for all four segments today it's been really great to kind of pick your brain on all things tax today it's been fun for me no i've enjoyed it too and honestly one of my favorite things about about doing this show um is being able to to interview experts and um and kind of give myself an education right um and so you know especially with something like like tax um you know it's uh definitely not I'm not an expert by any means um sometimes it can be even a little bit of a struggle to to know what what are good questions to ask um because you know I quite frankly I just haven't lived enough life to uh uh to run into some of these uh uh some of these situations yet so uh thank you again for for joining us here today um one thing that I do hear a lot about um and talking to landowners um and people that have inherited farmland is is uh about getting gifted property or for landowners whether or not they should they should try to gift some property now um or really with any asset right doing some type of uh gift um and so maybe you could give a high level uh view of that of of what it really means to uh to to gift a property and what the benefits are of that and and when it's the right the right move and when it might not be yeah so I'm I'm gonna you know go back to the the age old um cpa uh response on some of this is it depends yeah on your particular situation um but I think to kind of reframe what's the difference uh between gifting versus inheriting um gifting allows you to use your estate exemption while you're alive um so uh it can help shift appreciation out of your estate so you know if you're in uh if the value of your estate is close to you know that 15 million 30 million per couple kind of range gifting while you're alive may you know put you in a better position based upon your circumstances okay what's the impact to the person receiving your gift is there's a big difference there so if I receive a gift while um someone is alive their basis in that property becomes my basis in that property there is no step up when you are gifted property or gifted an asset if they if I wait and inherit it that's where the step up in basis comes in so it's a it's a big difference um to the beneficiary although there may be you know still strategic reasons behind why you would do it um but again it depends upon your particular estate situation sometimes there's um even simple pleasure of seeing someone um enjoy your gift while you're alive versus waiting until after you pass away so it it could be sentimental reasons for you know doing gifts now as well right right yeah and so I guess um I guess I can think of a a couple of reasons why that could be beneficial um for for some people you know say you're uh talking about uh like a farm operation specifically um you know if you kind of have uh an heir who is um who is you're confident that is going to to take over the farm um and basically somebody who's who's likely not going to sell the the land in their lifetime maybe then it would make sense um for them to be to be gifted um a property or certain amounts of property um but then if there are other um other uh their siblings who maybe are are no longer on the family farm um for them it's it's likely better off that they get inherited um some of those assets would would that kind of make sense as far as yeah yeah you know and you can also do gifting you know over a series of years you know you don't have to do like half the farm at once or that kind of thing you can do it strategically um as well you know you can gift property you can gift cash all of those you know to different beneficiaries like you talked about right um not everybody you know not the not not all members of the family may want to take part in the farm operations so yeah lots of considerations there when thinking about gifting yeah yeah no absolutely yeah um well uh we are starting to run a little bit low on time and I do want to talk about some of our upcoming sales uh here at Piffers. Um we are right in the middle of uh our our big uh fall land auction run here um but still have some some really good ones coming up um looking at the uh the first week of November um is kind of our next big start of of uh some really high quality land sales starting on November 3rd um with over a thousand acres in Emmons County North Dakota that auction will be held at our steel facility um just outside of Bismarck um that same day we have another 320 acres um for sale in Emmons County North Dakota uh that one will be in the same place there in steel um a really nice property 160 acres in Barnes County uh this one is on the uh western edge of Barnes County um just east of Jamestown North Dakota in a land or in a in a spot where land does not come up for sale uh very often uh sale that Christian Miller and I are handling that'll be November 4th holding that sale in Jamestown North Dakota um that same day in uh Mandan we are holding a sale for over 400 acres in Mercer County North Dakota um following day um uh a really cool property down in Turner County South Dakota 73 acres down there um and then an online only sale that same day 160 acres in Wells County um and then we look at um on November 6th um a really special land offering just uh the land kind of surrounding Castleton North Dakota for the wool estate sale um that one is I believe 11 or 12 um different parcels of land um all Red River Valley farmland surrounding Castleton um a really rare opportunity to buy some really high quality farmland and also some of it uh might even have a little bit of develop development potential um it for that Castleton uh community uh there's also a few commercial properties as a part of that sale that'll be held online only the day before uh but we will be holding the land auction at the holiday inn here in Fargo on November 6th um and then also coming up we have our Central Dakota Fall 2025 equipment auction in Steele North Dakota that sale will be live on and online so we will be uh live in steel North Dakota um with a huge variety great offering of uh of farm equipment construction equipment um basically all over the board some really really nice pieces of equipment um so feel free to join us that day in steel um for a really fun uh fun equipment sale uh jody i do want to thank you for uh for sticking around for all four segments today and and joining us um it's been a a real pleasure being able to pick your brain on on some tax stuff here um i guess uh you know is there anything that you would want to uh relieve the audience with when it comes to um kind of some final words of of tax planning advice yeah i i mean i would just uh reiterate the importance of having advisors around you making sure that you're revisiting um any kind of estate documents that you currently have in place um and make sure that you're you know taking the time to to educate yourselves um and any future family members on you know what kind of impact tax and estate planning has um to the entire family so uh but i i enjoyed being here thank you so much i'm a Nebraska farm girl so this has been fun awesome awesome well thank you so much for joining us uh like i've mentioned a few times um uh you the company that you're with Marinard uh just has all the resources that anybody might need um uh for for tax planning estate planning wealth management all across the board you guys do amazing work um so thank you again thank you all for listening today um reach out to anybody at Piper's auction realty and land management uh for any land or equipment needs and we will be back next week thank you all