If you own a business, be aware that in addition to the planned tax hike, we may see tax exemptions and other tax benefits go away, or be significantly reduced.
Under the Clear Advice - ‘Bridge to Monetization’ process, protecting against tax erosion while running your business, and upon exiting your business, are among our top priorities. Before it’s too late, protect yourself and your business against:
1. Income Tax Increases
2. Capital Gain Tax Increases
3. Gift & Estate Tax Increases
If you have thought about transferring some, or all, your equity in your company, to your family members or to a trust, now is the time to act before they drastically lower the lifetime gift exemption. When the government lowers the gift exemption from the current $11.7m to something much lower, it will make planning your company exit much more difficult.
There are many strategies that can be explored, depending on your specific situation. Whatever your circumstances are, take the time now to plan for your family’s future, before it’s too late!
Contact us at https://www.clearadvicebusiness.com/form