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The government has signaled for months that new regulations were coming that would eliminate valuation discounts on intra-family transfers of minority interests in family controlled entities such as Family Limited Partnerships. If you are considering gifting business interests to family members in order to save on estate taxes we need to accelerate the transfers before this goes into effect. The regulations have been proposed and are in a 90-day public comment period and then will take effect 30 days after the government issues the final version. There is an interesting article in the August 2, Wall Street Journal written by Richard Rubin titled, “U.S. Aims to Clamp Down on Tactic to Avoid Estate Tax” that discusses this issue.