Some individuals may want to utilize a corporation to earn a profit. Others may want to utilize a corporation to benefit society. And still others may want to utilize a corporation to do a little bit of both. For individuals seeking financial gain, there is the for-profit corporation.
The recent agreement to avert the "fiscal cliff," known as the American Taxpayer Relief Act of 2012 (the "Act"), makes a number of changes — including extending certain Bush-era tax provisions, — for taxpayers under certain thresholds.
For the balance of 2012, there are unique estate planning opportunities that we may not see again. This year, every individual may pass $5.12 million free of federal gift and estate tax to children, grandchildren, more remote descendants or other family members.