By Michael Trainotti
In 2018 under current law, the estate and gift tax is $11,180,000 for an individual and $22,360,000 for a couple until December 31, 2025. However, for the closely held business, succession planning for the next generation and continuation of the closely held business is still very important. The same is true for rental real estate that is owned by either a limited liability company (“LLC”) or a limited partnership (“LP”). This article will discuss both types of ownership.