2021 is already coming to a close, and there are some specific considerations you should be making when it comes to business, estate, and tax planning and preparedness. The team at Smith Barid is here to guide you through any changes and reviews you need to make to your existing plans.
Changes to Estate Planning with TCJA
Are you aware of the temporary exemption increases when it comes to estate taxes and gifting? As the federal law stands now, the Tax Cuts and Jobs Act (TCJA) provides opportunities for those planning for the future. One major consideration is for 2021, the federal estate, gift, and GST applicable exclusion amounts are $11.7 million. And they stand to increase in 2022.
That’s just one segment of changes and considerations you should be aware of when it comes to year-end planning. Along with updating your existing plans so they are executed in line with your wishes, an estate planning lawyer can help you understand the shifts in tax implications to discover the true value of your estate. They’ll advise you on the right moves to update your estate plan so that you can determine how to make adaptations now that will benefit everyone involved later.
Business Planning at the Close of 2021
Our current political, social, and economic climates have many business owners looking at transitioning their businesses in the coming year. It’s always wise to be prepared and have a clear and written plan whether you are looking at strengthening your business strategy, preparing for taxes, investments, selling, or succession. The landscape in 2021 heading into 2022 presents challenges and opportunities alike.
It’s a wise move to consult your business attorney during this time to make sure the processes and plans in place put yourself, your business, and your heirs in the best possible position. Your lawyer will be able to advise you on changes to Georgia and Federal laws and keep you updated on how those changes can impact any legal obligations that are a part of your organization’s policies and procedures.
If you’re a business owner in Savannah, you’ve worked really hard to create a successful enterprise, and you likely hope it will endure without you. The first step is working with your business attorney to help set up a living trust, and continue to consult with them regularly to amend your estate plans so that your legacy lives on!
Looking for more Guidance?
Whether you are ready to transition your business or want to make sure your 2021 estate planning is up to date and your beneficiaries will receive the most benefits without estate taxes or probate getting in the way, the best way to be prepared is to get support from the experts in Georgia business planning and estate law. The team at Smith Barid is here to help. Contact us today to consult with a team member about your year-end business and estate planning.