Episode 93 - Advanced Tax Strategies for Business Owners

In this episode of Building Wealthy Habits, Jeremiah and Laura Lee break down one of the most overlooked areas of wealth strategy — estate planning for business owners. If you own a business or hold significant private assets, passing wealth to the next generation isn’t as simple as naming a beneficiary. Without proper planning, your heirs could face a 40%+ tax hit, especially when your estate exceeds the current $30M exemption threshold. We discuss: 🗪 Why lifetime shifts of assets are critical for tax efficiency 🗪 How to think about transitioning ownership of private companies 🗪 The difference between estate planning documents and estate planning strategy 🗪 Preparing your heirs so they understand — and can sustain — the legacy you're building This episode is a must-watch for business owners, entrepreneurs, and families serious about generational wealth. We would love to hear your feedback, please comment below! Key Takeaways 🔑 Many business owners don’t account for tax liability in their estate plan. 🔑 Transferring assets during your lifetime can significantly reduce the tax burden later. 🔑 Private companies require special planning due to valuation and liquidity challenges. 🔑 Clear communication with heirs is a crucial part of the estate planning process. Estate planning isn’t a one-and-done task — it must be revisited as life, law, and wealth evolve. If you're a business owner wanting to understand your options. Comment below or schedule a strategic financial assessment: https://tricordadvisors.com/contact/ #EstatePlanning #GenerationalWealth #BusinessOwners #WealthStrategy #TaxPlanning #BuildingWealthyHabits --- Reach out at [email protected] Connect with Jeremiah: LinkedIn: / jeremiahjlee Email: [email protected] Connect with Laura: LinkedIn: / laura-lee-59a83610 Email: [email protected] Connect with Randy: LinkedIn: / rkbarkley Email: [email protected] --- Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.