Season's Greetings from the Business Law Group
Approximately 70% of all closely held businesses do not survive the transition to the next generation. The end of 2011 or the beginning of 2012 is the perfect time to prepare a game plan to ensure your business beats the odds and continues to benefit your family for generations to come.
The combination of the increased Lifetime Gift Tax Exemption amount of $5,000,000 per person ($10,000,000 per married couple) combined with historically low interest rates makes NOW the ideal time to transfer businesses within a family.
There is no time for delay! The Lifetime Gift Tax Exemption will automatically decrease by 80% after December 31, 2012, and economic conditions, as we know, can change quickly.
Seminar Material Online
You have heard about GRATS, GRITS, QPRTS, and Sales to Intentionally Defective Trusts, but may not be sure what is right for you. Each technique has its advantages and disadvantages that that must carefully be considered.
If you missed our seminar last May in which we explained each of these plans and techniques in detail, visit our website and get a copy of our 55 page outline entitled,"Advanced Estate Planning Techniques After the 2010 Act - The Most Effective Uses of the $5 Million Lifetime Gift Tax Exemption Bonanza," or simply contact me at bhammell@cushingdolan.com.
Watch for our spring seminar schedule, which will be released after the first of the year.
For a consultation to your business on succession or other general business matters, contact the experienced attorneys of the Business Law Group at Cushing & Dolan, P.C. at 617-523-1555.
Enjoy the Holidays!
Brian E. Hammell, Esq.
Senior Assiociate - Corporate Law
Cushing & Dolan, P.C.
Tel: 617-523-1555
bhammell@cushingdolan.com
