Wealth isn't created when the markets are up - contrarily, wealth is created when the markets are down. Think about it...the most basic of economic theorems is "buy low, sell high." Or, to put it in the words of the world's most successful investor - Warren Buffett, "Be greedy when the markets are fearful, and be fearful when the markets are greedy." We are standing at the precipice of an economic rebound and higher company valuations. As a matter of fact, day-by-day we are hearing that the economic rebound will be much stronger (sans job-creation) than anyone expected - just spend a few minutes watching CNN, CNBC, MSNBC, Fox News or Bloomberg. The positive economic data is coming in at a rate higher than the negative economic data was coming in just a year ago.
While this may be great for buyers of businesses, if you are a business owner that wants to transfer your business to your children or your children's children, you have a once-in-a-lifetime chance to get the lowest possible valuation (and related gift-tax liability) of your business in nearly a century. This could save your family literally hundreds of thousands or even millions of dollars in estate taxes.
This door is quickly closing, so if you want to transfer your business to future generations, now is the time to act to minimize transfer taxes to a level we haven't seen in over a century. For more information, please call me at 919-303-1049. I'll be glad to talk with you and your advisors about the current planning opportunities and strategies to transfer your wealth to future generations at the lowest tax rates in history.
B. Dane Byers, CPA, ABV, CFF
Bassett & Byers, P.A.
Partner
3701 Lake Boone Trail, Ste 201
Raleigh, NC 27607
(919) 303-1049
dbyers@bassettcpas.com
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