As 2016 comes to a close, we would like to share with you a number of recent developments affecting trust and estate planning that may be of interest:

Final regulations restricting valuation discounts unlikely to be released soon. In August 2016, we reported on proposed regulations that would prohibit the use of certain discounts customarily applied when valuing interests in family-controlled entities. On December 1, a public hearing was held regarding those proposed regulations. Due to a significant volume of comments received during the hearing process – and, possibly, the new political climate – IRS officials have since indicated that the regulations are not likely to be finalized soon. It is unclear whether the regulations will be substantially modified before they are finalized, or abandoned altogether.