• Family-Controlled Businesses — Tax Targets Again: Newly Proposed 2704 Regulations and Presidential Candidates' Positions
  • September 11, 2016 | Authors: Charles Reid Barrineau; Edward H. Brown; Joshua A. Ehrenfeld; James M. McCarten; Allen Sullivan
  • Law Firms: Burr & Forman LLP - Atlanta Office ; Burr & Forman LLP - Nashville Office ; Burr & Forman LLP - Birmingham Office
  • It's August of an election-year, and not just any election-year, a presidential election year. So, in less than 80 days, we'll all go to the polls and elect a new president. While Benjamin Franklin might have been right that nothing in life is more certain than death and taxes, long experience has taught us that even death and taxes change with time. For example, as medical science improves, our collective life expectancies get longer. Taxes, though, just seem to increase and become more complex whether the changes are initiated politically (following turnover in elected offices) or administratively (by the IRS). Both types of changes are being proposed this year and therefore, both deserve our attention. Especially since each of the proposed changes will have a significant impact on existing estate plans, so much so that many family businesses and their owners should already begin planning how they intend to react to such changes.