This discussion focused on the issues concerning compensating family members who work at the family-owned business. Look for industry, trade and competitor information on compensation. They're great for compensating management. Bonus amounts should be determined by job category, then tweaked by individual performances. This discussion covered ways to pass along a family-owned business to a new generation.
Owners can use the exemption during their lives.
A marital deduction allows tax-free transactions between spouses. You can defer taxes at least until the death of the second spouse. Give control to the children, but give the value to the spouse. Or, enter into an agreement with the IRS whereby you defer taxes on the death of the second spouse up to fifteen years. A. Set up a credit shelter trust benefiting the surviving spouse at the owner's death.