Now may be an opportune time for winery owner-operators to maximize estate planning through gifts of ownership due to changes to gift tax exemption laws.

In their contributed article for Grapevine Magazine, Partner Kemp Moyer and Partner Sachi Danish take a look at winery estate planning and the changes to the lifetime gift tax exemption. The Tax Cuts and Jobs Act of 2017 doubled the lifetime federal exemption for gift, estate and generation-skipping taxes, but a new administration, along with the fallout in government revenue resulting from the pandemic, means the higher exemption could be in jeopardy.  

Kemp and Sachi review President Biden’s proposed changes to the gift tax law and encourage winery owners to consider transferring at least a portion of their business in the near future, given the increasing likelihood of a rollback.  

Read the full article on Grapevine Magazine.  

About BPM’s Estates, Gifts and Trusts Services 

Estates, gifts and trusts plans are the result of deep thought given to your family, your priorities, and your legacy; they reflect your truest intents. Given the volatile nature of the economy, however, these plans are subject to changing laws that may result in unintended effects.  

BPM's approach towards estates, gifts and trusts planning is proactive and strategic. Our objective is to work with you in developing a plan that meets your expectations and that also demonstrates foresight in the face of changing laws. We develop options that minimize your tax obligations to the greatest extent possible. With some advanced planning and the help of our accountants, feel the peace of mind in knowing that your family and wishes are cared for. Learn more on the BPM website.