Here* is an interesting article discussing how estate taxes, sometimes known as “death taxes”, can kill unsuspecting family businesses and rob your family members of their inheritance. Although every person is allowed to pass $5.12 Million of assets tax free if they die this year, the amount is set to drop to only $1 Million on January 1, 2013. This would spell disaster for a large portion of Americans, their families, and their family businesses. The good news is that experienced estate planning attorneys may have tools that would allow you to avoid or significantly reduce the impact of these taxes.
Nick Reister is an estate planning attorney with Smith Haughey Rice & Roegge in Grand Rapids, Michigan. If you have questions about estate planning or other legal matters, please call (616) 774-8000.
The information contained on this site is for general information purposes only and should not be relied upon as legal advice. Please contact legal counsel to discuss your specific needs and circumstances.
*If the link above does not work, copy and paste the following link in your browser: http://smallbusiness.foxbusiness.com/legal-hr/2012/05/31/family-businesses-may-not-survive-death-tax/