Entrepreneurs and investors may spend veritable lifetimes building and cultivating a profitable business. By maintaining a necessarily narrow focus, many of these individuals fail to look far enough ahead to consider a possible exit strategy. With low basis in their ever-growing empires, many savvy owners face undesirable tax consequences at the sale of their business. A possible means to avoid these repercussions is the addition of a charitable component to an exit plan that also changes the original legal structure of the business.
See Charitable Giving Strategies for Business Ownership Interests — Part I Introduction, Rice Gift Planning, November 1, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
