In 2016 the IRS released proposed regulations to the Section 2704 valuation rules, which would end the longtime practice of discounting the fair market value of closely-held business entities for gift and estate tax purposes. But President Trump's January 20 freeze on all pending regulations put a halt to that. While possible the Trump administration chooses to revise the regulations, I find it more likely that the administration will abandon the proposed regulations altogether. This would avoid the loss of a major benefit of using family limited liability companies for estate planning.
Thomas J. Bouman