Navigating Generational Wealth: Strategies for Closely Held Businesses [Video]

In this weekly video, we explore the complexities of generational wealth transfer in closely held businesses, focusing on strategies to navigate estate taxes under the Tax Cuts and Jobs Act (TCJA) and preserve wealth for future generations. We discuss the impact of estate tax exemptions, illustrate tax liabilities through a case study, and anticipate changes to tax laws. Additionally, we examine two key wealth preservation strategies, Irrevocable Life Insurance Trusts (ILIT) and Grantor Retained Annuity Trusts (GRAT), and emphasize the importance of professional collaboration in effective wealth management. Join us as we unravel the intricacies of generational wealth transfer and guide families towards a lasting financial legacy.