News & Analysis as of September 20, 2024

Transfer of Assets

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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 -

Understanding Gift & Estate Tax Valuation

Opportune LLP on 11/16/2023

The requirements outlined in the tax code can significantly impact an individual’s gift and estate planning, and navigating these requirements effectively is crucial. In this blog post, we will delve into gift and estate tax...more

Keep It in the Family: Three Tips for Preserving Family Business Interests

Katten Muchin Rosenman LLP on 7/13/2023

As a family business owner, are you missing out on valuable estate and wealth transfer planning opportunities or jeopardizing your current plan altogether? Katten recently hosted a program that addressed common concerns,...more

Passing Down Cryptocurrency Assets: Gifting And Estate Planning Considerations

Kohrman Jackson & Krantz LLP on 4/11/2022

WHAT IS CRYPTOCURRENCY? Cryptocurrency is a digital asset that is created and traded online. Miners (computer operators) establish new units of digital currency and record them on a blockchain, a string of verified public...more

Personal Planning Strategies - October 2021

Proskauer Rose LLP on 10/5/2021

Act Now Before the Window of Opportunity Closes - By now you have probably heard that the House Ways and Means Committee introduced legislation a few weeks ago (see Let the Estate Tax Planning Games Begin - But Where Will...more

Let the Estate Tax Planning Games Begin - But Where Will They Land - the House Ways and Committee Has Spoken

Proskauer Rose LLP on 9/17/2021

“President Biden and Democrats in the Congress have been working on a $3.5 trillion spending and tax package, and the details are starting to be revealed. Indeed, on Sunday, September 12th, the House Ways and Means Committee...more

High Transfer Tax Exemptions and Low Interest Rates Create Numerous Estate Planning Opportunities

Pullman & Comley, LLC on 7/29/2020

At the present time, certain tax and economic conditions have converged that provide a uniquely favorable environment for some estate planning opportunities...more

Gift Tax and GST Tax

Snell & Wilmer on 4/7/2020

On March 13, 2020, the President of the United States issued an emergency declaration in response to the ongoing COVID-19 pandemic. The Emergency Declaration instructed the Secretary of the Treasury to provide relief from tax...more

Helping Clients Identify Estate Planning Opportunities in a Low Interest Rate and Depressed Value Environment

Foley & Lardner LLP on 3/31/2020

Today’s historically low interest rates and depressed asset values make this an excellent time to engage in various estate planning techniques. Current conditions present several planning opportunities for transferring wealth...more

Transfer Tax Considerations Under the Tax Cuts and Jobs Act

Holland & Knight LLP on 1/11/2018

• The U.S. House of Representatives and Senate ushered H.R. 1, the Tax Cuts and Jobs Act (the Act), through conference committee, and President Donald Trump signed the Act into law on Dec. 22, 2017. • Most of the Act's...more

Proposed Regulations Limiting Discounts on Family Gifts Targeted for Reform

Lowndes on 7/14/2017

Last summer, we discussed the IRS’s issuance of new Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts made to family members. ...more

Beyer Beware: An Examination of a Family Limited Partnership Gone Wrong

BakerHostetler on 10/13/2016

The opinion issued on Sept. 29, 2016, in the case of Estate of Edward G. Beyer v. Commissioner of Internal Revenue was the culmination of an estate planning exercise that had an unfortunate ending for everyone involved (other...more

Transferee Liability: The [Unlikely] Situation that your Nonprofit Receives a Charitable Gift with Expensive Tax Strings Attached

Coblentz Patch Duffy & Bass on 10/12/2016

The case of Salus Mundi Foundation et al v. Commissioner - On August 15, 2016, the Tax Court decided in Salus Mundi Foundation et al v. Commissioner, T.C. Memo. 2016-154, that two foundations were liable as transferees...more

Time to Transfer Early Stage Investments?

Jackson Walker on 10/10/2016

New rules may stop “cheap” transfers of business interests to kids and grandkids. Proposed IRS regulations that may be effective as early as the end of 2016 are designed to severely limit use of discounts on gifts or sales...more

IRS Proposes Regulations That Would Increase Wealth Transfer Taxes in Family-Controlled Entities

Skadden, Arps, Slate, Meagher & Flom LLP on 9/28/2016

The Internal Revenue Service (IRS) proposed regulations on August 2, 2016, under which transfers to family members of interests in family-controlled entities — including partnerships, limited liability companies (LLCs) and...more

Proposed IRS Valuation Rules Could Have Major Impact on Family Wealth Transfers

Brooks Pierce on 9/16/2016

New rules proposed by the IRS on August 2 could severely limit or eliminate the use of discounts commonly applied to value interests in family businesses for tax purposes. These discounts, which have been approved in numerous...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

IRS Proposes Regulations to Limit Valuation Discounts for Family Businesses

Akin Gump Strauss Hauer & Feld LLP on 9/14/2016

On August 2, 2016, the Internal Revenue Service and the Treasury Department issued proposed regulations intended to substantially limit the use of discounts in valuing intra-family transfers of interests in family-controlled...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

Making Lifetime Gifts Saves Federal Taxes

Perkins Coie on 9/8/2016

Lifetime Gifts Yield Estate and Gift Tax Savings - The federal gift tax annual exclusion currently allows each individual to give up to $14,000 each year to an unlimited number of donees – entirely free of tax. (Under...more

Transfers of Family-Controlled Business Entities to Family Members Could Get More Expensive

Greenberg Glusker LLP on 9/6/2016

Transfers of Family-Controlled Business Entities to Family Members Could Get More Expensive - The Internal Revenue Service (IRS) recently released proposed regulations that will dramatically change the valuation of...more

The End of Family Business Valuation Discounts?

Ward and Smith, P.A. on 9/1/2016

Proposed Treasury Regulations Prompt Immediate Action - The Threat to Planning with Family Business Interests: Recently proposed regulations threaten a powerful planning technique – the use of valuation discounts...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

Owners of Family Controlled Entities Must Act Quickly in Light of New IRS Regulations Attacking Valuation Planning

Butler Snow LLP on 8/31/2016

Chapter 14 of the Internal Revenue Code consists of four Code Sections (Sections 2701 – 2704) designed to close valuation loopholes. Prior to Congress’s enactment of Chapter 14 in 1990, estate planners had a host of tools...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

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