Business owners and investors have dealt with a difficult 2020 as we reach the midway point and could likely use any advantage they can find.  That’s why we wanted to bring on Addison Maille from Sharrard, McGee & Co, PA. He’s the Tax Manager at the company, which serves the Triad area.  He also works closely with business owners in different planning areas.

Two specific topics we wanted to get his insight on were business succession planning and real estate investing tax challenges. We’ll discuss those things plus learn more about the tax planning process and what people can be doing over the second half of the year.

We start the show with business succession planning because we work with a number of clients that want to exit the business in retirement either out of necessity or preference. Many times they’ve built a book of business rather than accumulating hard assets and that can provide a different set of challenges. Maille specializes in this area so he brings a lot of knowledge to the subject and will help point out one of the biggest mistakes owners make.

The other area of discussion will focus around real estate investing and some of the challenges on the tax side of things. He’ll help explain the 1031 exchange and how that can be utilized by an investor. Plus, we’ll talk about what else you should be thinking about and planning for before you decide to offload a property.

Tax planning can be a tedious process for individuals but relying on an expert like Maille can save you a lot of time and money.
Thanks for listening to this episode. We’ll be back again next week for another show.

TIMESTAMPS

1:00 – Explain what you do from a process standpoint with clients.
3:22 – How do you help business owners get value out of their business in retirement?
4:57 – Dealing with business owners that have a book of business rather than hard assets.
6:45 – Two types of business sales.
7:40 – Biggest mistakes he’s seen.
9:55 – Client with Real estate tax challenges and 1031 exchanges.
12:59 – Before you sell an investment property, let’s look over these things.
15:04 – Get help from someone that knows how to do this.