“Selling my business is the biggest pay day of my life! I have been paying income taxes all my life and now I am faced with a $2M tax bill when I sell my business?!?!?!? NO WAY!?!?!?!”
You might be facing the same situation. I had just started working with “Barry” and learned that he had a written offer to purchase his business (great news) and was facing a huge tax bill if the deal closed (awful news). I commented that it might be a better deal for him if this sale fell apart. As it turned out, it did fall apart and we were able to complete a comprehensive estate plan involving a new entity, promissory note, gifts and 2 new trusts that eliminated this tax bill and his estate tax. A tax savings of more than $7,000,000!
Within a year another buyer came along and purchased the business for the same price as the previous offer.
There are 2 tax systems, one for the informed and one for the uninformed. May we help you?
Solutions for reducing Capital Gains Taxes