What's New in Death and Taxes?

Poised for Exit

Christopher Burns, Estate attorney and partner with Henson Efron returned to the show in this episode to talk about a couple of current matters pertaining to business owners.

First, the Tax Cuts and Jobs Act (TCJA) will sunset on Dec 31, 2025. Since we're post election, the concern over the sunsetting of this law will likely be eliminated, since President Elect Trump is expected to extend it. That said, it's still important to pay attention to the thresholds in place for taxing your estate. There are state and federal rates that apply, even when your estate is smaller. Awareness and preparation are essential.

The current federal exemption per person is nearly $14MM. Had Harris/Walz been elected, that amount was proposed to drop to $3.5MM, with a rate of 65% vs 40%, wiping out a great deal of estate proceeds for heirs across the country.

Christopher said it's important that owners know what they own, the value of it (including their business) and use their planning to communicate their wishes and get their entire financial and legal house in order.

Having an advisor like Christopher on your team would certainly help you sleep better at night. Christopher is a promoter of professional collaboration among his clients' other advisors and works to bring them together to foster a team approach, so the owner can have the best, most comprehensive advice.

You can learn more about what you need to know and do by accessing a variety of tools on the Henson Efron website: https://hensonefron.com/search-articles-and-insights/

Learn more about Christopher here: https://hensonefron.com/attorneys/christopher-j-burns/

Listen to the episode here.

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Founder, Consultant, Author, Pod-caster and Instructor