Lou Vlahos will give a presentation on Trusts & Estates regarding IRS Code Section 2704

On September 15, 2016 Lou will be presenting for the Nassau County Estate Planning Council. His discussion will regard Trusts and Estates, and he will focus on the fact that after months of anticipation, the Treasury has issued proposed regulations under Internal Revenue Code Section 2704.  They appear to be very far reaching and, if adopted in their current form, may be challenged in light of the section’s legislative history.

A hearing has been scheduled about the proposed regulations on Dec. 1.  The Treasury has stated that the final regulations won’t be effective until at least 30 days after they become final.  Hence, they may be effective for lifetime and deathtime transfers soon after the close of this year.  Because of their potential impact, taxpayers may want to consider taking action before year end if they hold interests in entities which essentially are closely held by the family.