NFIB member and Illinois small business owner, Greg Niewold, recently joined the Small Business Rundown to discuss the challenges of state and federal estate taxes – often called the Death Tax – and why this issue is especially important to multi-generational family businesses like his.

“When both grandparents passed away, we had these exact conversations of what do we do before the exemption was raised because it’s based off of current land prices,” said NFIB member Greg Niewold. “And you keep in mind that family members have paid the property taxes, the income tax to buy the land. All of that stuff has been paid, and then they pass. And now the family’s left to hold the bag based on current valuations.”

The estate tax results in double taxation but in July 2025, Congress lightened Americans’ federal estate tax burden, promoting growth and longevity for small, family-owned businesses.

Listen to the episode here!   

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