If I Sell My Practice, What Do I Do with Proceeds?
You’ve paid taxes your whole life, successfully built up your business, then all of a sudden the current government administration changes the tax code which can cost you literally millions of dollars. It seems quite unfair, and it is a topic Brian J. Edwards is passionate about addressing.
You have an opportunity to take advantage of an extra $6 million dollars in lifetime tax exemption, but you have to act before January 1, 2022. In this episode, financial advisor, Brian J. Edwards, shares some timely advice on what you should do with the proceeds from the sale of your practice by looking at it from three different perspectives – Estate Planning, Wealth Management, and Education Funding.
Questions addressed on this episode:
- What should I do with the proceeds from an Estate Planning perspective? Trusts, Lifetime Exemption, & Donor Advised Funds (DAF)
- What should I do with the proceeds from a Wealth Management perspective? Municipal Bonds & Unified Managed Accounts
- What should I do with the proceeds from an Educational Funding perspective? 529s
Brian Edwards has been a Financial Advisor with Morgan Stanley and its predecessor firms for his entire career, dating back to 1989. The success of his practice facilitated the formation of The Edwards Group at Morgan Stanley. Brian works with high net worth individuals, successful small business owners and navigates complex family wealth situations. He leads the team and guides overall investment strategy.
Brian has been recognized by Barron's Magazine as a Top 1,200 Financial Advisor, by The Financial Times as Top 400 Financial Advisors, and named to the Forbes Best-In-The-State Wealth Advisor list.
Contact Brian Edwards by phone at: 614-473-2401, or by email at: brian.j.edwards@ms.com for more information.
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Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info