Late 2016, the IRS proposed measures that would effectively reduce, or outright eliminate, the possibility for valuation discounts on estate transfers. Businesses will have to seek a commercial attorney to help figure out just how to transfer their assets to family members without the gift tax claiming large portions of it. How Valuation Discounts Currently Work Valuation discounts serve to lower market value of privately held companies, or their stock, when transferring those assets to … [Read more...]
What Lack of Testamentary Capacity Really Means
Lack of testamentary capacity may be grounds to dispute the validity of a will in Illinois. Since the law presumes… READ MORE
