News & Analysis as of September 25, 2024

Closely Held Businesses

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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 -

Whose Value Is It, Anyway?

Venable LLP on 8/13/2024

On June 6, 2024, the U.S. Supreme Court issued a unanimous decision in Connelly v. United States affecting the valuation of closely held businesses for estate tax purposes. The Court explained that, for purposes of federal...more

Family Businesses Would Be Wise To Consider IRC Section 6166

Adler Pollock & Sheehan P.C. on 9/21/2022

It’s true that because of the current record-high gift and estate tax exemption amount, most families don’t have to worry about transfer taxes. However, there are high net worth individuals who must continue to work to reduce...more

The House Democrats’ Tax Plan – The Time for Estate Planning Is Now

Morgan Lewis on 9/21/2021

The Democrats of the House of Representatives have released a much-anticipated tax plan that would significantly impact the federal estate and gift tax system. Importantly, the House could still amend this legislation and the...more

IRS to Begin Examination of Hundreds of High-Wealth Individuals Starting July 15

Jones Day on 7/13/2020

The Internal Revenue Service ("IRS") announced that as soon as it reopens its collection and examination functions on July 15, it will immediately begin the examination of hundreds of high-income individuals and private...more

The Use Of Trusts In Business Succession Planning

McNees Wallace & Nurick LLC on 4/8/2016

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

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

Blank Rome LLP on 8/12/2015

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

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