Poised for Exit
Welcome to the Poised for Exit podcast! Poised for Exit is an under 30-minute strategic planning guidance podcast for busy small business owners. Each week you’ll hear certified exit planning advisor, Julie Keyes, talk with a range of entrepreneurs and professionals about preparing your business for a future transition. Guests at every stage of company ownership will share their personal stories and lessons learned about topics such as the anatomy of the exit planning process, developing a growth strategy, how to sell on your terms, exit planning for women small business owners, handling business diversity, and how to sell a family business. Whether you’re planning an exit in the near future or not, this show will provide you with the same action-oriented content that Julie utilizes while consulting with Keyestrategies clients. Building an exit strategy can be overwhelming, especially with all the decisions and details you have to consider. “Poised for Exit” will simplify the process and help you unwrap the unknowns, giving you more confidence in your planning process. Previous episodes are available for download, so if you are new to our show, you can listen to them in any order that suits you. Join us each week for timely, relevant content that will surely impact your business exit outcome! Subscribe to our newsletter below to receive your weekly episode link and stay updated on new strategic planning content. Find “Poised for Exit” on Spotify, Apple Podcasts, Google Play, iHeart Radio, Amazon Music, and others. Thank you to our Sponsors: Sunbelt Business Advisers and JAK CPA's. A special note of thanks to Tyler Keyes who produced the music for the “Poised for Exit” show.
Poised for Exit
What's New in Death and Taxes?
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.
Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor