Gift Tax Exemptions Create Succession Opportunity for Business Owners


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.

Published In: Administrative Agency Updates, Business Organization Updates, General Business Updates, Labor & Employment Updates, Tax Updates

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

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »


Ronald Adams
Hoopes, Adams & Alexander PLC

Hoopes, Adams & Alexander PLC believes that educating clients about their many options is critical... View Profile »

Follow Hoopes, Adams & Alexander PLC:

Reporters on Deadline