Cortes Law Firm Oklahoma City Estate Planning Attorney -  The IRS recently released proposed regulations which effectively end valuation discounts that have been relied upon for over 20 years. If the IRS’s current timetable holds, these IRS regulations may become final as early as January 1, 2017. Although that date isn’t set in stone, I expect that the regulations will be final around that time or shortly thereafter.With New Regulations Looming, What Should You Do Now?As I mentioned before, the timetable isn’t set in stone. Luckily, there’s still a narrow window of time to implement “freezing” techniques under current, more favorable law, to save taxes and protect your family’s inheritance.Depending on your circumstances, some options are going to be a better fit than others, and I want to make sure you get the best outcome possible. Some of these “freezing” techniques involve the use of a family business entity to own and operate your family fortune, in combination with one or more special tax-saving trusts. These plans provide numerous benefits including asset protection, divorce protection, centralized management of assets, and more – in addition to the tax savings.Unfortunately, these types of plans can take 2-3 months to fully implement and time is running short.So, here’s your action plan.First, schedule an appointment with me as soon as possible. I’d like to get a time on the calendar so that I can take a look at the options that are available to you under current law between now and the end of this year.Second, find your estate planning portfolio and take a look at it. If we prepared your plan, you’ll have a graphic that represents your current plan, making it easy to review. (If you can’t find it, let us know and we will send you another one.) If someone else prepared your plan, you might have a graphic summary or some other type of summary. Regardless of who prepared your plan, now’s a great time to review your plan. When we meet, we want to make sure that anything we do to help you protect your family’s inheritance from the IRS still achieves your overall planning goals - and not just the tax-saving goals.The Cortes Law Firm is available to assist you with the immediate implementation of your wealth transfer plan using valuation discounts that are still available under current law. Please call our office at (405)561-2737