Attorney Joshua Husbands participated in a panel discussion hosted by the Portland Business Jounral on what it takes to put a succession plan in place. Mr. Husbands was joined by Linette Dobbins, CCO and President of McGee Wealth Management Inc. and Tania Gitch, Geffen Mesher shareholder and tax department chair. The panel was moderated by Erica Heartquist on behalf of the Portland Business Journal.
Ms. Heartquist asked the panelists about what clients should consider before starting or creating their succession plan, what are typical challenges that you see during succession planning and how has succession planning changed or evolved in recent years.
"One of the tails that often wags the dog is the tax implications of a plan. In succession, it’s often estate and gift tax. With the federal estate and gift tax exemption changing, going up to such a high level where it is now where a married couple can pass $22.8 million of value before you have a federal estate tax or gift tax obligation, federal transfer tax issues have been somewhat mitigated," said Mr. Husbands.
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