Estate Planning Closely Held Businesses

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the... more +
Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process.  less -
News & Analysis as of

Proposed Rules Would Limit Valuation Discounts for Family Controlled Entities

On August 2, 2016, the Internal Revenue Service proposed regulations that would severely limit valuation discounts for lack of marketability and lack of control that taxpayers have historically applied for federal gift,...more

IRS Proposes Rules That Would Dramatically Reduce Valuation Discounts in Family Business Succession Planning

Business Owners May Have Little Time to Act Before Rules Are Finalized - The valuation of a family member's interest in a family business has a major impact on the success or failure of a transfer of such interest to...more

IRS Proposes New Regulations That Will Significantly Limit the Use of Valuation Discounts on Transfers of Interests in Closely...

The proposed regulations disregard restrictions that have been used by valuation experts and acknowledged by the courts to reduce valuations. If you are an owner of a closely held entity, recently proposed Treasury...more

Proposed Section 2704 Regulations

On August 2, 2016, the Treasury Department released proposed regulations amending and expanding upon the current regulations to Internal Revenue Code Section 2704. The proposed regulations, if adopted, would affect the...more

Proposed IRS Rules Endanger Business Valuation Discounts for Family-Owned Entities

Historically, the IRS has closely scrutinized transfers of interests in family-owned entities between family members. In particular, it has sought to curtail the use of discounts to decrease the estate and gift tax value of...more

Proposed Regulations May Substantially Reduce the Availability of Valuation Discounts for Interfamily Transfers of Business...

On August 2, 2016, the Treasury Department published Proposed Regulations to Chapter 14 of the Internal Revenue Code which, if adopted, may substantially reduce the availability of valuation discounts for inter-family...more

Game Changer? Succession Planning Targeted by IRS

The Department of the Treasury wants to place limitations on valuation discounts that are currently commonly used to reduce asset values in family-owned and closely-held businesses, in an effort to increase tax revenue. The...more

New Regulations Could Limit Estate and Gift Tax Valuations on Transfers of Closely-Held Family Entities

One of the many challenges faced by owners of closely-held businesses is how to transfer ownership of the business to children and grandchildren in a tax efficient manner. With federal gift and estate tax rates at 40%, some...more

Gifting Interests in the Family Company Could Become More Expensive in 2017

Individuals who are considering gifting their interest in a closely-held business entity may want to consider making such gift sooner rather than later in light of the proposed regulations issued by the IRS on August 2...more

IRS Issues Proposed Regulations That Will Severely Impact Discounts for Gifting to Family

Discounts for gifts of closely held business interests to family members may be significantly restricted soon. The Internal Revenue Service has issued new Proposed Regulations on August 2, 2016 that would eliminate discounts...more

Possible Changes Coming for Valuations of Family Limited Partnerships and Limited Liability Companies

On Tuesday, the Treasury Department and Internal Revenue Service issued proposed regulations which will make it more difficult to pass wealth to future generations while minimizing estate and gift taxes. For decades families...more

Closely Held Family Entities in Grave Danger: Minority Interest and Lack of Marketability Discounts About to Disappear?

After years of slow boiling anticipation, statements made by the IRS and the Treasury this year heated up the conjecture and anticipation which finally came to a head on August 2, 2016. I’m of course talking about the...more

Personal Planning Strategies - August 2016

Low Interest Rates Yield Wealth Transfer Opportunities - Low interest rates can create wealth transfer opportunities. For various wealth transfer techniques, the IRS assumes that a certain minimum interest rate is in...more

The Use Of Trusts In Business Succession Planning

The transition of a family owned or closely-held business is an important event for estate planning clients. Historically, the use of trusts has played an important role in business succession planning. Recent changes to the...more

Treasury Green Book Proposal — 6166 Extensions

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more

Business Succesion Planning - March 2016

The transition of a family owned or closely-held business is an important event for families. In a prior article, we covered the issues that a business owner faces in general in preparing a succession plan. This article will...more

Business Succession Planning - February 2016

The transition of a family owned or closely-held business is a significant undertaking even with the best laid plan. This article will outline the issues that should be considered by the business owner in transitioning a...more

So You Want To Sell Your Business… PART 1 of 4 – Purpose of the Sale

This is the first of a four-part series to assist owners of closely-held businesses who are considering a future sale of their business. Today's installment will consider why you may wish to sell your business. Subsequent...more

Anticipated IRS Regulations May Impact Discounts On Intra-Family Transfers of Closely Held Business Interests

Action Item: It is anticipated that Treasury will soon issue new regulations that will affect the valuation discounts applicable to intra-family transfers of interests in closely held entities. It may be advisable to review...more

Estate tax relief for family businesses

If a substantial portion of a person’s wealth is tied up in a family or closely held business, he or she may be concerned that the estate will lack sufficient liquid assets to pay estate taxes. If that’s the case, heirs may...more

Estate Plan Checkup - How to avoid disputes in a closely held business

So, your will or living trust is completely signed (finally!) and you have your durable power of attorney and your health care directive taken care of. Are you finished with your estate planning? Maybe not … If part of...more

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