Colorado Probate Blog - Wade Ash Woods Hill & Farley, P.C.

Family Business Valuation Proposed Regulations Withdrawn

In a notice issued by the IRS on October 17, 2017, Treasury has withdrawn the Proposed Regulations issued August 4, 2016 concerning the estate, gift and GST tax treatment of valuation of family-controlled businesses. These regulations were issued under Code Section 2704 and would have impacted planning involving the valuation of such interests for transfer tax purposes. After the proposed regulations were issued, numerous written comments were submitted and a public hearing was held on December 1, 2016. President Trump issued Executive Order 13789 on April 21, 2017, instructing the Secretary of the Treasury to review tax regulations issued on or after January 1, 2016, and to submit a report to the President by September 18, 2017. The Secretary recommended that the proposed regulations be withdrawn, and the Treasury Department and IRS have now done so.

  431 Hits
431 Hits

Third Party Rights: Small Estates and Non-Probate Assets

Many of our probate statutes are designed to carry out a decedent’s intention as expressed in his or her will. Certain rules of construction (survivorship, substitution of assets) apply to wills and revocable trusts as will substitutes. The statutes also provide for recognition and ordering of third party (non-beneficiary) interests in probate and revocable trust assets. These would include taxes, creditor claims, and family protection entitlement during the period of administration.

Continue reading
  1333 Hits
1333 Hits