Guest post by Eric Gurgold, Florida Bar Board Certified Wills, Trust & Estate Expert
The IRS has just published proposed new regulations under Section 2704 of the Internal Revenue Code that could significantly impact planning for estates that may be subject to estate tax. If finalized, the proposed regulations would change how transfers of business interests to family members are valued by eliminating certain discounts, disregarding restrictions in transfer agreements and adding attribution rules for family members. The proposed regulations will not apply to transfers to non-family members.
A public hearing on these proposed regulations has been scheduled for December 1, 2016. If adopted, the regulations will become final. A short window of opportunity exists to complete transfers of business interests to family members under the current rules.
If you would like to discuss the impact of the proposed regulations on your estate planning, contact any of our wills, trusts and estates attorneys at 239-344-1100 or by email to eric.gurgold@henlaw.com.
About the Author:
Eric Gurgold currently serves as Chair of the Estate Planning and Administration division and is Board Certified in Wills, Trusts & Estates by The Florida Bar. For over twenty-five years, Eric has concentrated his law practice in the areas of estate planning and administration, elder law, probate litigation, title insurance claims related to probate issues, business law and taxation. He assists clients in the preparation of wills, trusts, family limited partnerships, inventories, inheritance and estate tax returns, as well as providing counsel to minimize income and estate taxes.
Tax photo courtesy of 401(K) 2012 under Flickr Creative Commons License