Can it actually be true? So, how can I sell my business without paying taxes at the time of sale? By using a Charitable Remainder Trust.
Read more: https://financiallysimple.com/charitable-remainder-trust/
The details: So, I had a client that was selling their business for a hefty price. They were going to make an outstanding profit from the sell. With a nice yield coming from sale the company, the client was frustrated by the total amount of taxes they would be accountable to pay. So we immediately sprung into action, meeting with their CPA and attorney, to see what if any tax break we could utilize to minimize this client’s tax burden. After all our planning, we were able to reduce the taxes to $0 AND drop this year’s taxes so far down that we were able to pull money out of their IRA, further diminishing the taxes on that as well. You are probably thinking, “how in the world?” With a CRT.
Of course, this option was the perfect fit for this client and might not work for you. Always check with your financial planner about your specific tax situation.
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Justin A. Goodbread, CFP®, CEPA®, CVGA®, owner of FinanciallySimple.com, is a nationally recognized financial planner, financial educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience starting, buying, owning, and selling businesses. Winner of the Investopedia Top 100 Advisor award and Exit Planning Institute’s Exit Planner Leader of the Year.
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Neither Financially Simple, LLC nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from qualified tax and/or legal experts regarding the best options for your particular circumstances. Justin Goodbread, CEO of Heritage Investors, LLC, a Registered Investment Advisor, is an Investment Advisor Representative who offers advisory services through Heritage Investors. The information contained within the podcast is for informational purposes only and not considered investment advice. Seek help from a competent Financial Advisor.