Personal Financial Planning – Exit Strategy

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 [...]

If Next Gen Is Not Interested In The Business, What Are My Options?

2021-03-26T10:36:12-05:00By |Advisor Collaboration, Burning Questions, Video|

It’s a tricky road to navigate when you family decides they do not want to be in the business. However, you have options to ensure the legacy of what you have built continues and to financially protect your family in the process. It starts with identifying what kind of involvement [...]

I Don’t Want To Retire

2020-10-27T15:50:04-05:00By |Succession Blog|

I’ve heard this a thousand times from business owner clients over almost 40 years I’ve been a business succession planner. I understand - I don’t want to retire and I’m five years older than the age my father retired. For most business owners, you love what you do and you probably feel like Bobby [...]

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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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