The Treasury Department recently issued proposed regulations that will curtail the use of valuation discounts for gift and estate tax purposes for inter-family transfers of interests in family partnerships, LLCs and corporations.

The rules may be effective as early as the end of 2016.
This change in the law affects many of our business and estate planning clients. Clients who wish to explore planning prior to the effective date of the new regulations should contact their advisors immediately, as considerable time and coordination among advisors is required to design and implement a thoughtful plan.