A 2013 tax law change–the portability rule–can simplify farm and ranch estate planning. But farm and ranch families still need to do estate planning to develop and implement farm or ranch business transition plans so that the farm or ranch can continue to be successfully operated by the next generation.

What is the portability rule? This is a fairly recent tax law that makes it easier for married couples to get a double federal estate tax exemption, currently from $5.49 million to $10.98 million per estate.

How does that work? All estates have an exempt amount of $5.49 million in 2017. This means that less than 1% of all U.S. estates have to pay any estate tax each year.