Significant tax law changes are scheduled to take effect on January 1, 2013. Individuals should take advantage of unprecedented opportunities to transfer up to $5.12 million ($10.24 million for married couples) to family members (or others) free of federal gift tax and federal generation-skipping transfer (“GST”) tax.
When can charities be required to return restricted gifts to donors? While a gift is considered complete when accepted, there are times when donors can not only enforce restrictions but also have their gifts returned from noncompliant charities.
The succession of a family business, whether to other family members or to unrelated third parties or employees, is an important and involved process and must take into account many factors - including the continuing financial needs of the owner and the owner's spouse, family dynamics, continued successful operation and management of the business, and...