Forbes has this article discussing the Treasury Department’s withdrawal of the controversial §7504 regulations. These regulations yielded some 30,000 comments to the IRS, many of which were quite critical about how the proposed regulations would negatively affect estate planning, and the IRS listened.
Estate planning expert Jonathan Blattmachr notes that the IRS’ proposed regulations would be “moot” if the estate tax were repealed, as the Administration wants as part of tax reform. But Blattmachr notes, the IRS withdrawing the regulations avoids adding further wrinkles or complications to gift tax plans.
My law firm, Johnson Law KC LLC, works with clients at all stages of life on various estate planning and probate needs, helping clients take care of their legal needs quickly and inexpensively, with years of experience counseling clients on a variety of legal issues. If you’d like to review your estate plan in light of the IRS proposal being withdrawn, call (913.707.9220) or email me (steve@) today for a free, convenient consultation.
(c) 2017, Stephen M. Johnson, Esq.