What should Bob and Marge have done to prevent the IRS problem? First, Bob should have started his business exit planning including estate planning as early as possible before the sale of his company. Many wealth planning experts recommend that planning should begin from one to five years before the sale of the company Second, had Bob hired a Registered Investment Adviser (RIA) early in the exit planning process, the adviser would have examined Bob and Marges entire financial picture, assessing Bobs and Marges goals. That would have been the time to establish the CRT and a Donor Advised Fund (a charitable giving vehicle sponsored by a public charity that allows the donor to make a contribution to that charity and be eligible for an immediate tax deduction) to reduce income taxes and to achieve Bobs and Marges goal of supporting their alma mater. Bob should have started his planning at least six months in advance of receiving the LOI. Anything less could spell trouble with the IRS, said Shelley Ford, a financial adviser with Morgan Stanley Wealth Management. She continued, Bob should have engaged key advisers including an exit-planning M&A consultant, a trust and estate planning attorney, a transaction attorney to guide the negotiations of the transaction and corporate and personal tax advisers to give expert advice on how and when to establish their estate plans in anticipation of Bob selling his company. Scott Fleming, regional president Rocky Mountain region for BNY Mellon Wealth Management, agreed. Wealth planning should begin as early as possible, with a team of experts to examine all of the available income and estate tax savings strategies, to avoid what happened to Bob and Marge, Fleming said. Had they started their planning early enough, they could have examined a weblink number of income and estate planning strategies in order to meet their personal goals and at the same medical practice manager interview questions time avoid/defer income and estate taxes. Fleming continued, Strategies often examined are a Grantor Retained Annuity Trust, a Grantor Retained Interest Trust, a Grantor Retained Unit Trust, an Intentionally Defective Grantor Trust, Irrevocable Life Insurance Trust, Charitable Lead Trust and potentially a Family Limited Partnership. Unfortunately, Bob made a number of mistakes that could have been avoided had he sought specific professional advice. And while his attorney and accountant tried to give good advice, they were not experts in estate planning and wealth preservation.
For the original version including any supplementary images or video, visit http://www.denverpost.com/2016/12/18/irs-watching-owners-who-sell-their-businesses/
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