Family limited partnerships and limited liability companies continue to be popular estate planning vehicles due to the availability of significant valuation discounts for lack of control and lack of marketability. The IRS has long sought ways to substantially curtail the use of these discounts. Speculation is rife that new IRS regulations may be released as early as this September. For anyone considering transferring interests in family entities, it may be prudent to act as soon as possible before there are any changes in the law.
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