Blog for John Sweeney - Elder, Wills, Estates, Trusts, Special Needs, Business, & Tax Lawyer in CT and NY

Estate and Gift Tax Changes Effecting Transfer of Family Businesses

Posted by John Sweeney | Sep 27, 2016 | 0 Comments

New regulations have been proposed by the IRS which would eliminate, or severely restrict, one of the primary tools estate planners have used to transfer family businesses and assets for estate tax purposes. 

The IRS is planning to eliminate or reduce valuation discounts that have been used in valuing ownership interests and transfers of interests in family-controlled entities including corporations, partnerships and limited liability companies.  

Estate planners have used restrictions on liquidation and withdrawal to reduce the value of an interest in a family-controlled entity in a transfer.  These rules would eliminate these discounts for estate and gift tax valuation purposes.

If you want to transfer a family business, you would be wise to act before the end of 2016.

About the Author

John Sweeney

John is an experienced lawyer who helps you solve your problems. He practices Elder, Wills, Estates, Trusts, Special Needs, Business, & Tax Law in Fairfield County CT and Westchester County New York. He brings a wealth of experience in law, business, tax, insurance, and finance to arrive at practical solutions with compassion and care. Honest, direct and practical, he is focused on you and your problems. He also brings a wealth of personal experience from his own large family and aging parents.


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Elder, Wills, Estates, Trusts, Special Needs Tax & Business Law; Attorney John Sweeney

Sweeney Legal, LLC, provides legal, practical, and business counsel to Seniors, families, and businesses in the Fairfield, Connecticut area, including the communities of Bridgeport, Bethel, Brookfield, Danbury, Darien, Easton, Fairfield, New Canaan, Newtown, Norwalk, Redding, Ridgefield, Stamford, Weston, Westport and Wilton. John is also licensed in New York serving Westchester County including the towns of Bedford, Lewisboro, Mount Kisco, North Salem, Pound Ridge, and Somers.