Succession planning is a critical consideration for anyone looking to transfer their wealth to future generations. However, it is also important to consider the broader implications of asset transfers, especially when it comes to creating equitable opportunities for your minority key managers. In a recent video, Jean Venant, Succession Planner [...]
Success in the world of business requires not only careful planning for the present but also for the future. To this end, it is essential to engage in both estate planning and succession planning. In a recent video conversation, Jeff Bannon, a Succession Planner at The Rawls Group, and Aicha [...]
Multi-Unit Franchisees Face Unique Economic Challenges Multi-unit franchisees need to stay agile in the ever-changing market in order to capitalize on growth opportunities. Even in uncertain times, there are still prospects for growth. For instance, a downturn in acquisitions could lead to more attractive prices, and an influx of employment chances could attract new [...]
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 [...]
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 [...]
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 [...]
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” [...]
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 [...]
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 [...]
“We are built for this” highlights the story of how two people with vastly different personalities and business beliefs found common ground to grow and successfully transition the business from gen 1 to gen 2. Our very own succession planners Hugh Roberts and Jeff Bannon, along with Howard and Susan Drake of the Casa [...]
