The IRS recently published recommended changes to section 2704 regulations. This will affect those with taxable estates, near taxable estates, closely-held businesses, and other family entities. Specifically, this impacts valuation discounts and the ability to devalue the gross estate.
Proposed changes could increase taxes for those with assets that exceed – or are likely to exceed – federal estate tax exemptions.
We expect changes to go into effect shortly after the new year. To avoid paying higher estate taxes, it is critical for those who qualify to take advantage of advance planning strategies no later than December 31. If these changes are likely to affect you, please contact us as quickly as possible at (703) 448-7575 to schedule a complimentary review of your estate plan to determine whether or not you can avoid paying higher taxes.