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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Personal Financial Planning

Estate planning is a complex endeavor, especially for owners of capital-intensive complex business’. Throw active and inactive family into the mix and trying to figure out what is fair, how to provide opportunities for the next generation without enabling them, and maintain family harmony.

Click the following link for more drill-down resources on Personal Financial Planning.

In complex family and business environments, it is imperative to lean on expert legal and tax advice who specialize in the same size business and estate as you.  We are not attorneys or CPAs but know experienced advisers if you are looking for sophisticated advisory services.

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We can help you with insights, other resources, and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business right away.