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Podcast: Iowa Manufacturing Podcast
Episode: The Clock is Ticking: Estate Tax Changes and Their Impact on Your Legacy
Description: The estate tax landscape is set to change dramatically at the end of 2025, impacting business transitions across industries. Bob Hodges, BrownWinick's Trust and Estate Tax practice lead, highlights the reduction of the Unified Credit from $13.9 million to approximately $7 million, significantly increasing estate tax liabilities for business owners. This shift could create substantial financial burdens, making proactive estate planning essential. For an Iowa manufacturer with a $30 million operation, this change could result in millions in additional taxes. Under current rules, only $16.1 million would be taxable. After 2025, this could increase to $23 million, subjecting an additional $6.9 million to the 40% estate...