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​​​​© 2019 by Lara Sass & Associates, PLLC 

 

The information contained on this website is provided for informational purposes only and should not be construed as legal advice on any subject matter.  If you wish to discuss the topics addressed on this website, or other estate planning issues, please contact Lara Sass & Associates, PLLC.

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CONTACT US * info@laramsass.com * (212) 971-9770

Great News for Family-Owned Businesses

October 5, 2017

 

The Treasury Department announced yesterday that, under President Trump's executive order, it will withdraw several tax regulations that were deemed burdensome, including proposed regulations under Internal Revenue Code Section 2704.  The 2704 regulations would have had, if adopted, a significant impact on the valuation, for gift, estate and generation-skipping transfer tax purposes, of interests in family-controlled entities.  If these proposed regulations had been adopted, taxpayers would have lost a highly effective estate planning technique, and the cost of transferring interests in family-owned entities would have increased significantly. 

 

While a Democratic sweep in a future election could pave the way for the return of the 2704 regulations, taxpayers contemplating the transfer of interests in family-owned businesses have reason to celebrate, at least in the short-term.

 

Please contact Lara M. Sass, PLLC to determine what steps should be taken to move forward with succession planning and to take advantage of the minority and other discounts currently available.

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