As part of your Dealership Succession Planning, you should be aware of anticipated changes in the tax code should there be a new administration and Senate. Not only will Income Tax rates and Capital Gains rates increase, but the tax-free exemptions for gifting of assets and/or bequests of assets will be lowered. The current favorable tax provisions of the Trump Tax Cuts and Jobs Act will either be replaced quickly under the Biden proposal or "sunset" on 12/31/2025. Proactive dealers should be grandfathered (protected).
Join Donald Hannahs, Senior Vice President, CFP, and Chris Dionot, Vice President, JD, from Wealth Enhancement Group and learn ways to take advantage of current tax provisions that will disappear no later than 12/31/2025, utilize tax strategies where you don't lose control or income, but still transfer assets, and which tax strategies work best for a 3rd party sale or for family/internal succession.