{2:00 minutes to read} For years, estate planners have been using a strategy to avoid estate taxes wherein gifts to children or others are entitled to be discounted. The interest in the business or real estate entity is a minority interest and/or has a lack of marketability, therefore a reduction in the gift’s value is appropriate.
The government has been promising to clamp down on these discounting strategies for some time, and according to the Wall Street Journal, push has finally come to shove. You can read the article using this link: U.S. Aims to Clamp Down on Tactic to Avoid Estate Tax.
Even though this one particular strategy is going to disappear, there are still plenty of opportunities to do good estate planning. The best thing you can do is be proactive. If you haven’t done your estate planning, give us a call and we will be happy to help you. If you have done an estate plan, it is probably a good idea to review it every 2-5 years.
Registered Representative offering Securities through American Portfolios Financial Services, Inc. (APFS) Member FINRA/SIPC. Investment Advisory Services are offered through G&G Planning Concepts, Inc. which is not affiliated with APFS. Strategic Wealth Advisors Network and Gassman Financial Group are not affiliated with APFS.
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Michael Fliegelman, CLU, ChFC, AEP, CLTC, RFC
Founder / President, Strategic Wealth Advisors Network
(631) 262-9254
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Please note that the information being provided is strictly as a courtesy. Always confer with your CPA prior to attempting to take any tax deduction. Michael Fliegelman is not a CPA, nor should the contained be considered tax “advice”.
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