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Trump Tax “Plan” Released

I reviewed what has been said and written in the wake of Thursday’s release of the Trump Tax “Plan”, and watched a video of the Cohn/Mnuchin press conference. There appears to be a lack of detail in what amounts to a one-page plan containing core philosophies / talking points / bargaining positions. The “Plan” focuses on corporate taxes and individual income tax rates, but also calls for immediate repeal of the death tax. There is no mention of gift tax, GST, carryover basis, or otherwise. Therefore, it is difficult from an estate planning perspective to draw too many conclusions from this “Plan.”

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MPI Comments on Proposed IRS Regulations

After more than a year of speculation and rumors, on August 4, the Internal Revenue Service (“IRS”) issued proposed regulations under Internal Revenue Code §2704 (the “Proposed Regs”). Clearly, the goal of the Proposed Regs is to limit (or eliminate outright) the application of discounts for lack of control and lack of marketability when valuing interests in family controlled entities for gift, estate and generation-skipping tax purposes.

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Trusts & Estates Valuation Update: The Latest on Cases, Audits and the Environment

We are in a period where many estate planners are increasing their focus on matters other than the federal exemptions. Some practitioners are contemplating the balance between minimizing estate and gift tax with minimizing income tax...

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