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 [...]
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 [...]
For most business owners, you love what you do and you probably feel like Bobby Bowden, FSU football coach who was reported to say, “I don’t want to retire and die six months later like Bear Bryant!” To many, retirement feels like the end. I’m just like so many of you – retirement is not [...]
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 [...]
Years ago I read the following in an article on succession planning in a magazine called Financial Planning: “Sitting on charitable boards is activity, but it is not necessarily work. Not all post-succession activities need to be aimed at generating a concrete result. But for many business-leading clients, results are all that matter. Having [...]
