Old MacDonald had a farm. ... He was a fourth-generation farmer who had inherited the family farm. His income had grown to $120,000 per year. He was getting aged and wanted to sell the farm and retire.
Unfortunately, if Old MacDonald did sell the farm, he would have to pay a large capital gains tax to the IRS. The money left from the sale wouldn’t be enough to generate the $120,000 yearly income that he was accustomed to living.
Variations of this story strike a chord with many farmers today. After years of hard work, you want to slow down and enjoy the fruits of your labor without giving up a big chunk of it to Uncle Sam.
The good news is your story doesn’t have to have a sad ending. There are several legal tax-deferral strategies that with the help of a qualified professional, you can determine which one is best suited to your lifestyle and goals.
In the case of Old MacDonald, his tax attorney recommended that he call Equilus Capital Partners LLC. They specialize in wealth preservation and large capital gains sales.
Equilus Capital Partners LLC implemented a plan and helped facilitate the sale of the farm. Old MacDonald didn’t have to pay the large capital gains tax liability. He was able to invest his money and enjoy his retirement with his $120,000 lifestyle and a yearly increase to his income to keep pace with inflation. To top it off, when he passes away, his inheritance will pass on to his children, and they won’t have to pay capital gains tax.
Equilus Capital Partners LLC works in conjunction with Equilus Group Inc. Equilus Group Inc. is a registered investment advisor in the states of Washington, Oregon and Idaho. Member SIPC and FINRA.