Whether a partnership, an S corporation or another structure is best for a business can change over time, so a structure checkup is a good idea.

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Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million (twice that for married couples with proper estate planning strategies in place).

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