Proposed New Tax Regulations for Family-Controlled Businesses

The Treasury Department has proposed new Section 2704 regulations which will severely curtail the use of valuation discounts for transfers of interests in family-controlled businesses. If the proposed regulations go into effect as written, they will have a significant impact on estate planning for owners of family-controlled corporations, partnerships, and limited liability companies. Estate planning attorneys Brian Warens and Jackie Luthringshausen explain these regulations and what you should do to protect yourself and your business.