New Tax Regulations for Family Entities
On August 2, the Treasury Department and the Internal Revenue Service released proposed regulations pertaining to family entities (e.g. family-controlled corporations and partnerships) for gift, estate and generation-skipping transfer tax purposes. These proposed regulations would affect the availability of valuation discounts used in valuing transfers of interests in family-controlled entities that are subject to various rights and restrictions. Click here for an overview of the proposed legislation from Northern Trust.
Every family’s tax and wealth planning situation is unique, and you are encouraged to consult with your trusted legal and tax advisors to determine how the proposed regulations may impact you.