Gift Tax Exemptions Create Succession Opportunity for Business Owners

more+
less-

As part of the 2010 Tax Relief Act passed in December, the lifetime gift tax exemption for 2011 and 2012 rose from $1 million to $5 million for individuals and from $2 million to $l0 million for married couples.

A February 19, 2011, Wall Street Journal article, "Family Businesses Catch a Big Break," has succinctly pointed out that business owners now have a chance to transfer a big chunk of their businesses to beneficiaries - even before handing over operational control of the business.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ronald Adams, Hoopes, Adams & Alexander PLC | Attorney Advertising

Written by:

more+
less-

Hoopes, Adams & Alexander PLC on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×