As of August 2021, there remains speculation on what the future holds for President Biden’s tax proposals.

In the series “What is Up with President Biden’s Tax Proposals” Kevin Gilbreath, a Tax Partner with Crowe and our very own Succession Planner, Jeff Bannon discusses the knowns and insight on how to strategize for the unknowns as we look forward.

When are Taxes Going Up on Capital Gains?

2021-08-11T12:31:22-05:00By |Advisor Collaboration, Automotive, Succession Blog, Succession Video Discussions, What is Up With President Biden's Tax Proposals?|

As of August 2021, because Capitol Hill has yet to agree on funding, the timeline is still anyone’s guess. In the Green Book, which is the White House’s policy wish list, their goal is to increase long-term Capital Gains significantly. Even though we can’t speak to the timeline yet, tax increases [...]

What is the Lifetime Gift Tax Exemption and When Will It Be Cut?

2021-08-11T12:22:25-05:00By |Advisor Collaboration, Automotive, Succession Blog, Succession Video Discussions, What is Up With President Biden's Tax Proposals?|

Currently, as of August 2021, the Lifetime Gift Tax Exemption for each individual is about 11.7MM per person, which is the highest in history. This means a married couple could gift about $22.7MM to the next generation tax-free. However, based upon the White House’s wish list of how to fund [...]

What Is Happening with 1031 Exchanges For Real Estate?

2021-08-11T12:16:10-05:00By |Advisor Collaboration, Automotive, Succession Blog, Succession Video Discussions, What is Up With President Biden's Tax Proposals?|

Currently, as of August 2021, a 1031 exchange allows a taxpayer to avoid paying capital gains taxes when selling an investment property by reinvesting the proceeds from the sale, within specific parameters, into another property(s). Up until now, this part of the tax code has been helpful to those selling [...]

What Assets You Should Gift and To Whom?

2021-08-11T12:03:52-05:00By |Advisor Collaboration, Automotive, Succession Blog, Succession Video Discussions, What is Up With President Biden's Tax Proposals?|

Making gifts and considering changes in tax law is one piece of the succession planning puzzle. When working with business owners, we often find that they have had some of the best tax planning money can afford. However, when designing the plan, they let the “Tax Tail Wag the Dog” [...]

How to Gift or Sell an Asset AND Stay in Control

2021-08-11T12:08:50-05:00By |Advisor Collaboration, Automotive, Succession Blog, Succession Video Discussions, What is Up With President Biden's Tax Proposals?|

In our experience, business owners like to stay in control, in control of their business, real estate, and future.  So, when we talk about giving something away, we generally get pushback from our clients.   Ultimately, the goal from a tax perspective; is to keep as much of the wealth and [...]

How to Sell An Asset and Avoid Capital Gains Tax

2021-08-11T12:06:10-05:00By |Advisor Collaboration, Automotive, Succession Blog, Succession Video Discussions, What is Up With President Biden's Tax Proposals?|

Many don't realize, but yes, an asset can be sold and you can avoid Capital Gains tax by leveraging an Intentionally Defective Grantor Trust, also known as an IDGIT.  An IDGIT is a strategy for family businesses who want to keep the company in the family, with no interest in [...]

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What is Changing In the Areas of Estate Tax?

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Planning Opportunities To Take Advantage of Now

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Leadership in Uncertain Times

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