Gifting farmland at the end of a calendar year is a component of many farm succession plans, and for good reason: Doing so allows predecessors to take advantage of an annual gift tax exclusion and federal estate tax exemption. This unified tax credit comprises the overall death tax exclusion and total amount for allowed tax-free gifts. This year, the exemption is $11.58 million, meaning the tax credit is at its highest levels ever. This strategy can be leveraged alongside land sales to manage capital gains, especially with capital gain tax rates at historically low levels right now. If you’re executing a farm succession or looking to sell land by the end of the year, one analyst says these are good strategies to consider. See more about year-end gifting.