Succession Planning: Tax-Savings Opportunities When Transferring A Business To Your Children

The Tax Relief Act of 2010 provides a tax avoidance strategy for business owners to shift all or part of their business to their children.  The Act provides a $5 million gift tax exemption ($10 million when combined with a spouse).  This, combined with the fact that many businesses are worth less than they were pre-recession, makes this a great time to think about succession planning.

See Tom Cooney & Crystal Faulkner, "BusinessWise: Plan for Family Succession," Cincinnati.com (October 12, 2011).

By Derek Young, Associate Editor, Wealth Strategies Journal