Not downplaying how terrible of an idea this policy is, but I'm almost certain there are ways to circumvent this if it were implemented. Example, instead of leaving the land to your heir, just "sell" the land to them for a lowball price like $1.
More likely it'll be through trust and/or overseas company. You put your farmland into a trust, put that into a company registered in Belize with some figurehead CEO, then transfer the control of the company to your children when you're old or dead.
Not downplaying how terrible of an idea this policy is, but I'm almost certain there are ways to circumvent this if it were implemented. Example, instead of leaving the land to your heir, just "sell" the land to them for a lowball price like $1.
The IRS doesn't let you get away with that
Not to mention that death, and inheritance, can't always be planned for.
More likely it'll be through trust and/or overseas company. You put your farmland into a trust, put that into a company registered in Belize with some figurehead CEO, then transfer the control of the company to your children when you're old or dead.