New IRS Proposal Severely Limits Effective Estate Tax Planning Strategy for Family-Owned Companies a

For more than 25 years, the Internal Revenue Code has allowed discounts on the fair market value of

ownership interests in family-controlled or closely-held businesses and other investment entities when it

came to calculating federal estate, gift and generation-skipping transfer (GST) taxes. Last week, though, the

IRS proposed a sweeping change to the regulations governing those discounts, virtually eliminating them in

most circumstances and increasing the amount of assets subject to estate, gift and GST taxes.  Click here to read the full article.