My wife and I have been blessed with a healthy, beautiful baby girl. This new addition to our family has added perspective to my life and opened my eyes to the true purpose of estate planning - love. That's right; estate planning is an act of love by someone who wants to ensure that their spouse, child, and other family members are taken care of when that person passes on.
Read more about the true purpose of estate planning here.
Monday, October 10, 2016
Family Limited Partnerships in Your Estate Plan - Now is the Time to Take Action
Establishing a family limited partnership can be helpful in business succession planning, business continuity plans, and as a component of your estate plan. It is especially helpful if you own real estate, a family business, and concentrated positions of publicly traded stock. However, the IRS is starting to scrutinize these partnerships and has proposed a new regulation, specifically a revised version of Section 2704 that could have a dramatic impact on your estate planning by eliminating valuation discounts.
If you are looking to minimize your future estate tax this is critical and time is of the essence. Once the revised Section 2704 is in effect, which could be around the end of calendar year 2016, the ability to claim discounts might be substantially reduced or eliminated thus curtailing your tax and asset protection planning flexibility.
Learn more by reading the full article on my firm's website.
If you are looking to minimize your future estate tax this is critical and time is of the essence. Once the revised Section 2704 is in effect, which could be around the end of calendar year 2016, the ability to claim discounts might be substantially reduced or eliminated thus curtailing your tax and asset protection planning flexibility.
Learn more by reading the full article on my firm's website.
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