Now that the election is over and President Elect Joe Biden has will be the 46th United States President, there are proposed tax changes that you as a business owner should be aware of. Many advisors are taking a wait and see view on what changes will actually be enacted but we think that you should do your homework and make sure you are prepared.
What are the key points you should know?
What are the key impact of the proposed tax law changes?
We did the math and it potentially reduces your estate from roughly .60 cents per dollar to .20 cents per dollar.
What should you do?
If you have not completed any trust and estate planning, you still have time to create a simple trust, utilizing a SLAT (form of trust) to gift shares and use one of your spousal estate exemptions. There are control elements and administrative requirements that you should discuss with your trust & estate attorney when using a trust.
A good strategy would be to try to have your trust documents completed by December 31, 2020. I know it seems like that is not enough time, but you do have time if you start today.
Contact us if you have questions: [email protected]