Earlier in the year the Treasury announced that it would undertake a review of regulations issued since January 1, 2016. Recently, in Notice 2017-38, the Treasury identified eight regulations for burden reduction, including the controversial proposed regulations under Internal Revenue Code 2704. Those proposed regulations would have severely restricted the use of valuation discounts in family owned entities, such as family limited partnerships and limited liability companies, when they became final.
Given that estate tax repeal is becoming less and less likely, it would seem to be time to began consideration of discount planning again. Even if repeal occurs, there are non-tax reasons for moving wealth downstream, and it is possible that the political winds could shift significantly in the other direction soon and discount planning could be under attack again.