Tax Changes in 2013 Spark More Concise Business Succession Planning
By Frank L. Brunetti
Uncertainty surrounding possible changes to estate and gift tax law in 2013 is prompting many business owners to reevaluate their succession strategies. Essentially, business owners are considering trying to maximize the value of their gifting now, rather than run the risk that taxes on such transfers will be higher in 2013.
The current $5.12 million gift tax exemption will expire at the end of the year and revert to $1 million in 2013, giving business owners a small time frame in which to pass on assets that are expected to appreciate in value before the changes go into effect. In addition, the 35 percent tax rate attached to federal estate, gift and generation-skipping taxes is expected to rise to the top rate of 55 percent.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.