Capital Gains Tax Changes – What This Could Mean for Your Firm and Your Future
Listen on Apple Podcasts here or via the player below.
Audio transcript available here.
[Originally recorded on July 20, 2021]
For principals of advisory firms, 2021’s end-of-year push to sell, merge, partner, or create a succession plan, is in full bloom.
Why the uptick in end-of-year transactions?
2022’s potential capital gains tax rate increase (to as high as a 39.6 percent rate) could be detrimental to, not only the value of a firm, but to the retirement plans of principals, as well.
Simply, the increase could cost principals millions of dollars and even impact their own retirements.
Allworth Co-CEO Scott Hanson, and his guest, Financial Planning Association (FPA) President Skip Schweiss, dissect the pending capital gains tax increase on advisors who are nearing retirement.
Capital Gains Tax Changes – What This Could Mean for Your Firm and Your Future
On this episode of State of the Industry podcast, Allworth welcomes:
- Scott Hanson: Co-Founder, Allworth Financial (Host)
- Skip Schweiss: President, FPA (Guest)
Key Takeaways:
- The details of the proposed capital gains tax increase legislation
- How the tax increase could affect the value of your firm
- Why selling, creating a succession plan, or partnering now could save principals millions
- The importance of January 1, 2022
- How partnership equity lowers your tax exposure