What you need to know about Biden’s proposed policy changes, their impact on succession planning, and how to get back to business.

The election is now behind us. We have a new president and a new party in control, which likely means policy changes. COVID-19 is still present, impacting our lives in many ways. There is still a lot of unknowns and uncertainty as things are getting back to normal. So, what will happen next?

Listen to the discussion and hear what our  panel of tax and succession experts had to say about the following questions submitted by attendees, which focused on:

  • What is the general outlook on the Biden administration’s tax policies, and how soon and can we expect changes in the estate tax laws?
  • Is the stepped-up basis in jeopardy?
  • How likely will the exemption go down?
  • What is the thought on the interplay between President Biden’s supposed capital gain rate increase and the elimination of step-up in basis?
  • If I use up my lifetime exemption available at the current levels and the exemption is cut in half by legislation this year, will they retroactively go back to gifts already made and make me pay gift tax on amounts above the lower level?
  • Is there any chance that Biden’s tax plan could become retroactive to 1/1/21?
  • If I waited until 2021 to start gifting, does that hurt me compared to gifting in 2020?
  • Will any current succession/tax plans be reversed and affect estate taxes?
  • How can Biden’s proposed policies impact Reinsurance programs?
  • How does a business owner decide if staying in the game is for them or if they should exit the business?
  • If staying in the game, is it a good time to diversify or get more focused on where you are?
  • How can one best keep the message to their team current while setting future expectations?
  • How can one get started on succession strategies during an environment of so many unknowns?
  • Are there any specific tax planning and/or succession strategies you currently recommend?
  • What insight do you have for leaders working to keep morale up and drive performance under our current circumstances?
  • Beyond taxes, what do I need to address to ensure my business continues through the next generation?
  • How do I measure whether my succession plan will work?
  • What are your thoughts on taxes and succession planning in our current environment?

Thank you to our panelist:

  • Kevin Gilbreath: CPA & Partner – Crowe – kevin.gilbreath@crowe.com
  • Hugh Roberts: Succession Planner- hbroberts@rawlsgroup.com
  • David Weaver: Succession Planner – dweaver@rawlsgroup.com

Contact us and 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.

The Succession Planning Matrix

Want to have control over the future of your business?  The best way to do just that is by having a plan.  Our approach in considering the 10 key areas of the Succession Matrix simplifies a complex planning environment.  Click the following link for more drill down resources on The Succession Matrix

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