A limited window of opportunity exists to transfer significant portions of your family business.
For 2011, the amount of assets you may transfer to a family member gift tax free is $5 million. This assumes you have not previously used any portion of your gift tax exemption. The amount will be adjusted for inflation in 2012 (estimated to be $5,120,000). Because the exemption applies on an individual basis, a married couple can transfer a total of $10 million in assets gift tax free. Once your exemption is fully used, the tax rate applicable to additional transfers is 35 percent.