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Partner Philip Tortorich Quoted in Worth on Changes to Tax Benefits

Firm News | February/March 2009
Philip Tortorich, a partner in the firm’s Trusts and Estates Practice, was quoted in an article in Worth on upcoming changes to tax benefits for family limited partnerships. Tax laws currently permit families to pool assets into limited partnerships and transfer shares between generations, resulting in minimal estate taxes. The IRS, however, is likely to take a closer look at these laws under Obama’s administration, and the tax benefits might disappear. “It’s an issue of substance,” Mr. Tortorich says. “The IRS likes to see that you’re doing something for the economic advantage, not just to follow loopholes in the tax code.” (“Pay Check: 19 Ways the Obama Administration Will Affect Your Finances,” February/March 2009)