The Internal Revenue Service has signaled it intends to curtail the estate planning strategy of using partnerships and limited liability companies to pass a family business or securities to children at a discounted value. Catherine Hughes, Office of Tax Policy of the US Treasury Department, recently indicated at the American Bar Association Conference that proposed regulations under IRC Section 2704 will likely be introduced in the fall of 2015. These proposed regulations would limit the availability of lack of control and lack of marketability discounts for transfers of closely held interests among family members. Family limited partnerships and limited liability companies long have been usedRead More →