Episode 62 – How To Minimize the Tax Impact of Your Business Sale
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When you’re planning to sell your business, it’s extremely important to factor in the impact of taxes – both on the federal and the state level.
In this episode, Tim Scannell is joined by returning guest John Wiktor, head of the Trusts and Estates Group at HMB Legal Counsel. John dives into the tax-planning side of every business sale, and talks about how you can minimize your state taxes by either changing your residency or through trust planning.
You will learn:
- How the new tax proposal under the Biden administration, if passed, affects your capital gains taxes.
- The importance of reviewing your business structure before planning the sale
- Why you should start planning at least a year prior to your exit
- Things you need to consider before changing your residency to a new state
- How to use various trust funds to optimize your business sale without having to move
- And more!
Tune in now to learn how you can make your business sale highly tax-efficient by planning well ahead of time!
Resources: Hightower Great Lakes: (219) 246-5370 | Tim Scannell | Tscannell@hightoweradvisors.com | John Wiktor | HMB Legal Counsel | Episode 32 – Answering the Top Questions About Advanced Planning for Your Estate — With John Wiktor