Gift Tax Exemptions Create Succession Opportunity for Business Owners

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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.

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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.

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Hoopes, Adams & Alexander PLC

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