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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