Rich Passing Up $10 Million Opportunity to Gift Tax-Free
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John Glass expanded his family business to more than 90 employees from seven workers over four decades. Last year, U.S. tax laws prompted him to gift about $2 million of company stock to his three daughters.
Glass, 70, and his wife are debating passing on more of their interest in Illco Inc., a refrigeration and air conditioning distributor based in Aurora, Illinois, before the lifetime tax exclusion on gifts of as much as $10.24 million per couple expires Dec. 31. Like the majority of America’s wealthiest families, they’ve yet to take full advantage of an opportunity wealth advisers call unprecedented.