YOUNGSTOWN, Ohio – Attend a free webinar with the team at the Johnson & Johnson law firm to discuss upcoming legislative proposals that could affect high net worth individuals and business owners.
The webinar is scheduled for June 22nd at 12 noon.
Panellists will also provide information on steps that companies / individuals will need to take shortly to reduce the potential losses that may arise and be prepared for these proposed changes to go into effect.
Most businesses in the region have not faced federal gift and inheritance taxes in a few years. However, the Biden government’s proposals include changes to both income and gift tax laws that would have serious implications for wealthy taxpayers and business owners.
One of the key points of the webinar is legislation that proposes:
• Increase in the upper income tax bracket from 37% to 39.6%
• Increase in the top tax rate for capital gains from 23.6% to 43.6%
• Cancellation of the “step-up” of the tax base in the event of death
• Taxation of profits from estimated assets for gifts during lifetime and in the event of death
• Reduced the amount of a tax-free estate that goes to a non-spouse from $ 11.7 million to $ 3.5 million
• Increase in the gift / inheritance tax rate of 40-45%
Johnson & Johnson is a fourth generation law firm serving businesses and families. They have expertise in business law, estate planning, appeal procedures, and real estate law (including oil and gas and solar energy). To register for the webinar and learn more about what steps you should take, CLICK HERE.
Copyright 2021 The Business Journal, Youngstown, Ohio.