This month’s Business Bytes highlights high net worth taxpayers, knowing when to sell your business, and how to avoid scams.
High Net Worth Taxpayers. The 2017 record high gift, estate, and generation skipping transfer tax exclusions will end on December 31, 2025, unless extended. The estimated 2025 exemption is expected to be almost $14,000,000.00 and could drop in 2026 to less than $7,200,000.00. If this substantial exemption can assist you with tax savings, please contact your estate planner immediately. READ MORE.
When to Sell Your Business. Holding onto your business until you die or become incapacitated may not be the best strategy for you or your heirs. Unless and until a trusted and competent successor is ready to take over, you should always be considering if and when the time is right to sell. Like any other asset, the value of your business fluctuates, and it is best to sell when that value is high. READ MORE.
Avoiding Scams. Bank robbers target banks because that is where money is, and scammers target the wealthy because that is where the money is. Higher net worth individuals may also be more apt to have multiple investments and engage more in electronic transactions. Being prepared and taking a few preventative steps can help you identify various scams and protect your wealth from them. READ MORE.
