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 the infrastructure and other government funding items, they propose cutting the Lifetime Gift Tax Exemption in half. As a result, taking advantage of the Lifetime Gift Tax Exemption before the end of the year is of high urgency.
In this episode of the “What’s Up with Biden’s Proposed Tax Changes,” Kevin Gilbreath, a tax partner with Crowe, and our very own succession planner, Jeff Bannon, encourages business owners, if you are already thinking about estate tax and succession planning, act now. Otherwise, this historical period may pass you by, leaving you with regret. We know what it is now; we don’t know what the future holds.
For more on this topic, check out the other episodes:
As you listen to this episode you will walk away with key takeaways and will realize you will want more. Leverage our Succession Readiness Survey A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook impacting business value, growth, lifestyle, and ultimately achieving your vision.
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