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.
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