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What You Should Know about Estate Planning and Gift Tax

Gifting your business to heirs or other parties could result in substantial tax payments; estate planning helps you minimize the cost. Also, Find out more about how to start your own business Our guest today is Ryan Moore from Riney Hancock CPAs. He will help us look at how estate and gift taxes are applied as well as the best way to pass along the value of your business. Ryan has been in public accounting for almost a decade and currently specializes in estate planning, tax planning, and tax services. Riney Hancock CPAs have offices in Owensboro, Kentucky (right outside Louisville) and Evansville, Indiana. Estate Planning – Key Points Owners of closely held businesses can choose to transition over a period, giving away portions of the company incrementally. You can transfer up to $14,000 per taxpayer, tax-free each year. The lifetime estate tax exemption is roughly $5.5 million and includes IRAs. If you transfer 50% of your business to your children in a single year, you have to file a gift tax return. Estate planning is one more reason to get a business valuation. If you gift stocks to your children during your lifetime, the tax basis will be the original cost and not the current market value. Always ensure that your accountant, attorney, and financial advisors are all on the same page. Keep an eye on the proposed tax reform to understand how it will affect you. Ryan can offer you a few tips to help ask the right questions and make better decisions. Also, Join us for 20 minutes as we dive into this. Contact Information www.rineyhancock.com Here are some of our featured free resources. How Can I Organize My Financials? Should I Have A Business Plan? What Steps Should I Take Towards Branding? How Can Marketing Bring In More Clients? The Start-Up Checklist What Type Of Corporation Should I Be? Things To Consider When Scaling A Business

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