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 Vantage - A position giving a strategic advantage, commanding perspective, or comprehensive view...That is what we do.

All’s (Not) Fair With Passing Down the Family Business

In the HBO series “Succession,” an extremely wealthy and powerful family works through handing down a corporation to the next generation. Every awful emotion and motivation come into play as siblings wrestle their parents for money, power and influence. The shows’ creators were inspired by great media families and their dramas—the Murdochs (Fox) and the Redstones (Viacom), for example—and what is abundantly clear is that while business successions are often messy, family-business successions have the potential to be a real-life horror story. Let’s assume that you don’t aspire to emulate a cable-television drama as you plan the next steps for your family business. Even the most harmonious family will endure some stresses as you strive to pass on a business in an equitable manner. Interpersonal dynamics within the family become at least as important as the business dynamics. Take, for instance, a family business in which not all the next...
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The Right Business Structure Could Save You Millions

When a family business achieves runaway success, there’s a lot to celebrate. But what the family may not anticipate is the tax burden, which makes Uncle Sam a not-so-silent partner in the family’s newfound wealth. That’s where good tax advice can make a huge difference. A client came to us because he wanted to sell his company. The firm hit it big with one highly profitable product and was worth millions. The time had come to consider transferring ownership to the next generation. They asked for a projection of his future wealth and an estate plan. Almost immediately we spotted an immense problem. Like most budding entrepreneurs, the client (and his attorneys) did not give much thought to future tax consequences and asset protection when choosing a corporate structure. Corporate structure has a huge impact on the taxes a business will pay. When a company is in its infancy, the...
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Relocating Right: With Tax Advantages

Relocating a business can be an exercise in frustration. The search for new premises, unloading the current location, the logistics of moving and staffing—and then there are the taxes. All and all, it can be a headache. But there are ways to ease the pain, especially where taxes are concerned. In the case of a client we’ll call Bill, we were able to use a maneuver called a 1031 Tax Exchange to help. Bill owned a manufacturing firm in California. He wanted to relocate to Utah, and asked us to help him find an appropriate site for a factory. Complicating matters were the extreme valuations of California real estate—in the years that Bill had owned his factory there, the building’s value had skyrocketed, creating a capital-gains tax liability likely to be in the millions. During our conversation, we realized that Bill could defer taxes by creating a “swap” of one...
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New Rules Affect Retirement Savings Advice

On April 6, 2016, the Department of Labor (DOL) issued new "conflict of interest" rules regarding financial advice as it relates to retirement plans and IRAs. The new DOL rules generally hold financial professionals to a fiduciary standard if they receive compensation for providing investment advice to retirement plan participants or IRA owners, which means they must act impartially and in their clients' best interests. Here are answers to some basic questions about the new rules. What is a "fiduciary" and why does it matter? "Fiduciary" is a term for an individual who has a legal or ethical duty to act for another's benefit. When a financial professional provides investment advice or recommendations to an IRA owner or an employer-sponsored retirement plan participant, and in doing so receives compensation, the new rules generally hold the financial professional to a fiduciary standard. In other words, the financial professional must put the...
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2016 Year-End Tax Planning Basics

The window of opportunity for many tax-saving moves closes on December 31, so it's important to evaluate your tax situation now, while there's still time to affect your bottom line for the 2016 tax year. Timing is everything Consider any opportunities you have to defer income to 2017. For example, you may be able to defer a year-end bonus, or delay the collection of business debts, rents, and payments for services. Doing so may allow you to postpone paying tax on the income until next year. If there's a chance that you'll be in a lower income tax bracket next year, deferring income could mean paying less tax on the income as well. Similarly, consider ways to accelerate deductions into 2016. If you itemize deductions, you might accelerate some deductible expenses like medical expenses, qualifying interest, or state and local taxes by making payments before year-end. Or you might consider...
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Vantage Advisors, LLC
50 East 100 South #101
St. George, UT 84770
Phone: 435-628-6336
Email: info@vantageadvisorsllc.com

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