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Business owners and investors have dealt with a difficult 2020 as we reach the midway point and could likely use any advantage they can find.

That\\u2019s why we wanted to bring on Addison Maille from Sharrard, McGee & Co, PA. He\\u2019s the Tax Manager at the company, which serves the Triad area, and he works closely with business owners in different planning areas.

Two specific topics we wanted to get his insight on were business succession planning and real estate investing tax challenges. We\\u2019ll discuss those things plus learn more about the tax planning process and what people can be doing over the second half of the year.

We start the show with business succession planning because we work with a number of clients that want to exit the business in retirement either out of necessity or preference. Many times they\\u2019ve built a book of business rather than accumulating hard assets and that can provide a different set of challenges. Maille specializes in this area so he brings a lot of knowledge to the subject and will help point out one of the biggest mistakes owners make.

The other area of discussion will focus around real estate investing and some of the challenges on the tax side of things. He\\u2019ll help explain the 1031 exchange and how that can be utilized by an investor. Plus, we\\u2019ll talk about what else you should be thinking about and planning for before you decide to offload a property.

Tax planning can be a tedious process for individuals but relying on an expert like Maille can save you a lot of time and money.

Thanks for listening to this episode. We\\u2019ll be back again next week for another show.

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Read more and get additional financial resources here: https://maestrowealth.com/

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About the guest: https://www.sharrardmcgee.com/addison-maille.php

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Today\'s show schedule:

1:00 \\u2013 Explain what you do from a process standpoint with clients.

3:22 \\u2013 How do you help business owners get value out of their business in retirement?

4:57 \\u2013 Dealing with business owners that have a book of business rather than hard assets.

6:45 \\u2013 Two types of business sales.

7:40 \\u2013 Biggest mistakes he\\u2019s seen.

9:55 \\u2013 Client with Real estate tax challenges and 1031 exchanges.

12:59 \\u2013 Before you sell an investment property, let\\u2019s look over these things.

15:04 \\u2013 Get help from someone that knows how to do this.

16:12 \\u2013 Tax planning now and preparing for end of year.

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