Are Family Businesses Prepared to Lobby for Tax Exemptions

In the recent on-line seminar ‘Issues in Mergers and Acquisitions for Family Owned Businesses’ Robert Nice discussed the large number of family businesses that will be transitioning to the next generation over the next several years.

As most business families are already aware, beginning on January 1, 2011 the Estate Tax will increase to 2001’s minimal exemptions and extremely high rates.

Congress will be returning to Session in September with only four months to rectify this situation. A situation they were unable to rectify in the past nine years.

I would encourage all Families in Business to begin now and contact your Representatives in Congress and your Senators and tell them they need to fix this before the year ends.

A quote I recently read:

“I’m proud to be paying taxes in the United States. The only thing is – I could be just as proud for half the money.” - Arthur Godfrey

This would be a good opportunity to also involve the next generation. It would be best if we could get Congress to act before the November elections.