I’m not much of a golfer. In fact, when I’m asked if I play, I reply that golf gave up on me years ago. I appreciate the beauty of the game and the finesse that great players demonstrate, but my golf game required a great number of “Mulligans” for me to finish a round.

There are some parallels between golf and estate planning, especially as it pertains to errant strokes and missed opportunities that inevitably occur in golf and sometimes, in estate planning.

IRS attorney Cathy Hughes created waves at the American Bar Association’s Section of Taxation meeting in May when she signaled the Service’s intent to release new proposed regulations under IRC §2704(b)(4) by mid-September. The proposed regulations would likely include new “disregarded restrictions” built into family entity strategies that would, in turn, reduce or eliminate the use of valuation discounts in those entities.

Dividing assets after a divorce is rarely an easy, straightforward process. This is especially true when clients split up late in life. During marriage, asset ownership often becomes intertwined – or commingled – resulting in shared ownership of most of the couple’s property. If the marriage ends, untangling that property can be a real challenge.

Estate planning professionals who are working with divorcing couples or clients who are moving on to a second marriage have an important part to play in ensuring the fair and accurate division of assets. They can also provide great value to clients by helping them update their estate plans to protect them from unintended consequences, assuring their wishes will be honored when they die.