Cliff Polk, estate planning specialist and founder and president of Rocky Mountain Financial Group, told cattlemen and women during the National Cattlemen’s Beef Association (NCBA) Tax and Credit policy committee meeting that estate planning is not just about estate taxes — it’s about people.

Polk has 30-years of experience providing financial services to agricultural families and assisting them in family succession planning to retain the farming or ranching operation.

“The new tax relief law extends for two years the Bush tax rates and expands the estate tax exclusion to $5 million or $10 million per couple. Specifically, the newly extended tax bill provides an opportunity for expanded gifting to $5 million, thereby, excluding the gift from inclusion in a future estate, regardless of changes in the estate tax laws after 2010,” Polk said.

“Over the past 30 years, I’ve worked with countless farming and ranching families to ensure they are able to hand their operation on to their children. This new law will provide necessary relief for two years, but we’d be doing everyone a disservice to ignore the fact that in two years we’ll have to readdress this issue.”