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Case: Thomas owns a truck corporation, which he purchased for $100,000 dollars in 2015. In 2020 the Corporation is worth 2.7 Million. He plans on selling the corporation, and ponders on the tax consequence
$800,000 of capital gains will be exempted in the sale of a corporation if structured correctly. But did you know that if you were to form a (discretionary) family trust (costs $3000-5000) the capital gains exemption could be multiplied per family member.
Tax Consequence $650,000
Tax Consequence: $450,000
If Thomas formed a Family Trust, with his 2 children: $50,000