On August 2, 2016, the Treasury Department issued proposed regulations under the authority provided in Section 2704(b) of the Internal Revenue Code (the "Code"). These proposed regulations were much anticipated by the estate planning community for the assumed consequences they likely would have on the transfer of interests in closely held family businesses. While the proposed regulations could become final as early as the beginning of 2017, they are sufficiently controversial enough that it may be years before they become final. Nonetheless, regardless of the eventual timing, it is important to know that changes are likely coming to commonly used estate planning techniques.