Find out by checking out my guest post for Rocket Lawyer’s blog Everyday Law, “How Estate Tax Changes Could Affect Your Small Business.”
Now that the election is the rearview mirror, we notice that we’ve been driving in the shadow of the looming fiscal cliff.
If Congress and the President fail to act, the automatic tax hikes could devastate business both big and small. The capital gains tax is one of the ones scheduled to increase and business owners are already feeling its effect.
The estate tax hike is unique in that it will almost exclusively impact the businesses on the smaller end of the spectrum. Which is why you need to plan before going over the fiscal cliff.
Again, I encourage you to check out my Rocket Lawyer post learn more.
Good luck and good hunting.
The Fisher Law Office is renowned for its experience in estate planning, probate administration, asset protection, and business law. Annapolis attorney Randall D. Fisher has practiced for over 20 years, maintains the highest peer review rating for ethics (AV Preeminent) by Martindale-Hubbell, and is a sucker for long walks on the fairways.
Find out how to reach Randy via TheFisherLawOffice.com or find him at Facebook.com/FisherLawOffice, on Twitter @thefisherlawoffice, or at LinkedIn.com/in/FisherLawOffice. Click image(s) for source(s).
- What ‘Closing Tax Loopholes’ Means for Your Estate Plan (thefisherlawoffice.wordpress.com)
- Gift Tax Planning: The $5 Million Exclusion – Use it (in 2012) or Lose it. (thefisherlawoffice.wordpress.com)
- What Happens to My Pets When I Die? (thefisherlawoffice.wordpress.com)