An Effective Wealth Transfer Tool If you want to efficiently transfer wealth using little to none of your federal estate and gift tax exemption and you have an investment that you anticipate generating at least a modest rate of return on investment[1], then you should...
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Posts for 'Tax Planning'
Relief from IRS: Portability of Lifetime Tax Exemption Extended
There is good news for those who may have missed a federal portability election. The Internal Revenue Service (IRS) has extended the deadline for electing portability of a deceased individual’s unused estate tax exclusion amount. Effective July 8, 2022, the deadline...
Watch the final of the Spring 2022 Radio Entrepreneurs Family Business Association (FBA) Panel Discussion as Attorney Stephen Wilchins and the panel talk about “Turning Chaos into Stability and Profitability – Transitioning During Chaotic Times” Part 3
https://www.youtube.com/embed/4Q2MSyP6hjY Watch part three, the final in a series of Radio Entrepreneurs Family Business Association (FBA) Spring 2022 Panel series. Get insight into how to effectively transition one’s business during chaotic times from WCN Attorney...
Qualified Stock for the Closely Held Business
Federal Tax Benefits for C Corporations It would be amazing to have hindsight when initiating a business. Imagine being able to foresee the result of the business enterprise before it was started. Think of how that would influence your decision-making! We do not have...
“Use It or Lose It”: Making the Most of Your Estate Tax Exemption
Overview In an unprecedented gesture of fiscal generosity, Congress passed the Tax Cuts and Jobs Act on November 2, 2017, and increased the federal estate and gift tax exemption from $5.49 million to $11.18 million. Subsequent inflationary adjustments have increased...
Internal Revenue Service Aims To Curtail Valuation Discounts in Family Controlled Businesses
OverviewThe Treasury recently issued Proposed Regulations under Section 2704 of the Internal Revenue Code that may dramatically impact your estate planning by eliminating business valuation discounts, such as minority interest discounts and lack of marketability...
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