Estate Planning, Estate Tax, U.S. Treasury

West Coast Forum 2023 | Key Takeaways

McDermott Will & Emery on 12/4/2023

McDermott’s Private Client Practice led interactive discussions on a broad range of topics pertinent to ultra-high-net-worth families, their family office representatives and other advisors at our Private Client West Coast...more

Year-End Estate Planning for 2023

Seyfarth Shaw LLP on 11/30/2023

A strong stock market and “soft landing” have generated significant wealth this year. The gift tax, estate tax and generation-skipping transfer tax are all imposed on the fair market value of assets at the time of transfer....more

Estate and Tax Planning 2023 Update: Act While You Can

Pillsbury Winthrop Shaw Pittman LLP on 10/19/2023

Although the IRS is now on high alert for wealthy individuals, new and existing planning opportunities are available, such as tax-free gifts and other advantageous planning. Wealthy individuals and families should take...more

Tax Update: The Impact of Newly Published Regulations on the Estate and Gift Tax Laws

Cozen O'Connor on 12/17/2019

In November 2019, almost two years after the enactment of the comprehensive overhaul of the Internal Revenue Code, the Department of the Treasury published regulations to clarify the impact of the new law on the estate and...more

IRS Eliminates Worry About "Clawback"

Stinson LLP on 11/27/2019

In response to Internal Revenue Code Section 2001(g)(2), enacted as part of the 2017 Tax Act, in which the Secretary of the Treasury was directed to prescribe regulations to carry out IRC Section 2001(g) with respect to the...more

New IRS Addresses for Filing Estate Tax Returns

Holland & Hart LLP on 8/28/2019

The Instructions for Form 706 released in November 2018 included new addresses; however, we felt a reminder could be useful since the filing address changed mid-year...more

Proposed Tax Regulations Eliminate Possibility of Clawback of Lifetime Gifts for Estate Tax Purposes

Bradley Arant Boult Cummings LLP on 8/16/2019

As previously posted, the Tax Cuts and Jobs Act signed into law in December 2017 (the “2017 Act”) made significant changes to the federal wealth transfer system with respect to gift and estate tax transfers during the...more

Personal Planning Strategies - December 2018

Proskauer Rose LLP on 11/29/2018

Estate, Gift and GST Tax Update - What This Means for Your Current Will, Revocable Trust and Estate Plan - The estate and gift tax regimes have been permanent and unified since the passage of The American Taxpayer...more

Treasury Plans to Pull Unpopular Discount Regulation

Lowndes on 10/4/2017

As discussed earlier this summer, Treasury and the IRS identified as a burdensome regulation the Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts...more

Quarterly Investment Update - 4th Quarter 2016

Perkins Coie on 1/30/2017

ECONOMIC REVIEW AND OUTLOOK - In this past year we were reminded again to expect the unexpected: The well-established political classes in the U.K., the U.S. and Italy learned that democracy was their Achilles’ heel, and...more

Proposed Tax Regulations Limit Availability of Valuation Discounts to Family Business Owners

Bradley Arant Boult Cummings LLP on 9/15/2016

For family business owners who desire to transfer ownership of part of their business to the next generation, the valuation of the business interest is often an important factor to consider. This is especially true for family...more

IRS Proposes New Rules Designed to Restrict Valuation Discounts in Family Transfers

Burr & Forman on 9/15/2016

Partnerships and LLCs are common choices of entity for family-owned businesses, due to their flexibility and the many uses to which they can be put – including pooling of family assets, succession planning, asset protection,...more

Proposed Treasury Regulations Regarding Valuation Discounts for Transfers of Family-Controlled Entities, if Enacted, Would Apply...

Dechert LLP on 9/9/2016

After years of anticipation, the U.S. IRS recently issued Proposed Treasury Regulations that would, if enacted in their current form, substantially eliminate most valuation discounts for family-controlled entities and result...more

Family-Controlled Businesses -- Tax Targets Again: Newly Proposed 2704 Regulations and Presidential Candidates' Positions

Burr & Forman on 8/31/2016

It's August of an election---year, and not just any election---year, a presidential election year. So, in less than 80 days, we'll all go to the polls and elect a new president. While Benjamin Franklin might have been right...more

The End to Discounts for Transfers of Interests in Family Business Entities

Dickinson Wright on 8/30/2016

The ability to use transfer and liquidation restrictions in legal documents to reduce the value of an interest in a family-controlled (or “closely-held”) business entity (e.g., partnership, corporation, limited liability...more

Proposed Treasury Regulations Would Severely Limit Valuation Discounts

Holland & Knight LLP on 8/29/2016

Earlier this month, the U.S. Department of the Treasury unveiled its long-awaited proposed regulations targeting valuation discounts commonly used in estate planning, thereby overturning decades of settled law. As drafted,...more

Proposed Rules Would Limit Valuation Discounts for Family Controlled Entities

Goulston & Storrs PC on 8/26/2016

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

Stinson LLP on 8/25/2016

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...

Troutman Pepper on 8/24/2016

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

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