US: ‘Defective’ trusts may boost 2012 tax exemptions
US: ‘Defective’ trusts may boost 2012 tax exemptions
Feb 20, 2012 6
(NBBJ) - Keeping a family-based wine or vineyard business alive from one generation to the next is difficult enough, as was seen in a recent industry survey that one in three vintners wants to get out in coming years. But many small to relatively large family operations may be able to avoid an estate-tax “liquidity crisis” by accelerating transfers of business assets to a multigenerational trust under federal tax law provisions currently set to end this year.
A big problem family businesses face in handing off the operation to the next generation are substantial estate and transfer taxes due on transfer, particularly for highly successful ventures. As noted in previous coverage on succession tax law changes
Comments