THE FOLLOWING IS A VERMILION COUNTY FARM BUREAU RELEASE
Nothing puts fear into a farm family like an estate tax assessment. With most of the farm’s value tied up in land and equipment, having ready cash to cover estate taxes isn’t always readily available. And as the value of that land and equipment have increased over the past years, many farms with estate plans may find they are out of date.
Vermilion County Farm Bureau is hosting an Estate Tax Planning session on Tuesday, February 10, 2026. It will begin at 6:00 pm in the Farm Bureau Auditorium, 1905-C US Route 150, Danville (at Henning Road).
Guests presenters are Maggie Wienke, a Certified Financial Planner with COUNTRY Financial, and Russ Leigh, owner of Russell Leigh & Associates accounting firm. They will discuss various factors that determine the estate value, methods for protecting an estate, and reviewing financial and tax implications associated with estate planning.
Currently, the estate tax limit in Illinois is $4 million, with the tax computed on the entire value of the estate if you exceed that threshold. Illinois Farm Bureau has worked to pass the Family Farm Preservation Act the last two years, which would raise the estate tax exemption to $6 million, and have it be a true threshold, with only the amount over the limit being taxed. While it was not part of the final budget plan the last two years, it received a lot of support, and will be pursued again this year.
All Vermilion County Farm Bureau members are welcome to attend.
