Is The Sun Setting In 2021 On Current Tax Benefits For Business Exits?

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?

  1. If any or all of the proposed tax changes are enacted, they could take effect retroactive January 1st 2021. Now as one of my colleagues, who is a tax attorney shared with me, the last time a tax change that was enacted was retroactive to January 1st was 1993. 
  2. With stimulus soon to increase past $3 trillion and a Debt to GDP deficit of 136%, it is certain that there will be some kind of tax increase needed to pay down debt accumulated over the past 4 years. 
  3. These proposed tax changes can impact your ability to amass wealth and transfer it to your heirs.

What are the key impact of the...

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Why Family Offices Work Better For Business Owners After The Sale

succession planning Feb 09, 2021

A number of years ago, John and Ann Williams sold their successful family-owned business and established a single family office to invest the sales proceeds and support their family’s investment, reporting, tax and other needs. They had professionalized the office with strategic investments in staff, including a senior level COO and CFO who reported directly to John. Over the years, the office took on more responsibility, not only for John and Ann’s affairs, but for those of their children and their children’s families as well.

Now that John and Ann are getting ready to retire

they ask for advice on succession planning for leadership of the family office. As a significant portion of the Williams’ family wealth is managed by their single family office, this decision takes on great importance for their family. This article will cover three important considerations to prepare them for this all-important transition.


Selecting the successor


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