Recently proposed regulations under Section 2704 of the Internal Revenue Code may curtail a powerful estate planning technique. If finalized in their proposed form, the regulations would drastically limit or even eliminate the use of valuation discounts for ownership interests for transfer tax purposes. Currently, discounts in the range of 20% to 40% to the value of minority stakes in closely-held entities are allowed to account for lack of marketability and minority interest status due to restrictions placed on voting, transfer, and liquidation. Using these discounts allows an entity to be valued at a significantly lower value for estate planning purposes, allowing more wealth to be transferred. It is particularly important to note that, if the regulations are adopted as proposed, discounts may no longer be available for family-owned real estate ventures despite the inherently illiquid characteristics of such property.

The effective date of the final regulations is uncertain, but could be as early as January 2017. The regulations once final may not apply to transfers that take place before their effective date.

New York clients Click Here to read entire Legal Alert.

New Jersey clients Click Here to read entire Legal Alert.

Connecticut clients Click Here to read entire Legal Alert.

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If you are contemplating transferring an interest in an entity to family members, please contact Doris Martin or Michelle Lewis Salzman immediately as time is limited and the window for this planning is closing.

About Garfunkel Wild, P.C.

Garfunkel Wild, P.C. was founded in 1980 with a single purpose in mind: to become a pre-eminent health care law firm attending to the unique business and legal needs of its clients. Since then, the firm has grown to over 70 attorneys devoted to addressing the complex legal, regulatory, business and financial needs of its diverse clients.

If you would like to receive Legal Alert mailings from Garfunkel Wild, P.C. electronically in the future, or if you would like to be removed from the mailing list, please contact us at (516) 393-2200 or eMail us at  You may also visit the Firm’s website.



Garfunkel Wild was pleased to present the 2016 New York Metro ASC Symposium on September 14 at the New York Hilton Midtown.  With attendees from NY, NJ and CT reaching capacity, the feedback has been excellent, with many commenting on the range and quality of the speakers, which included representatives from throughout the industry (ASC management companies, regulators, payors).  GW would like to thank all of the speakers for their contributions to a very informative program.  We would also like to thank our sponsors and attendees who helped make this program such a success.

We are already starting to plan for next year’s program. If you were at the Symposium and have some comments, suggestions, or questions, please contact Moira Murphy at or (516) 393-2274.


Seven Garfunkel Wild, P.C. Attorneys Selected as Best Lawyers® for 2017
Robert Andrew Wild, Steven R. Antico, Greg E. Bloom, Jeffrey S. Brown, Fredrick I. Miller, Alan H. Perzley, and Debra A. Silverman Recognized

Great Neck, NY, August 16, 2016.  Garfunkel Wild, P.C. (GW) is pleased to announce that Best Lawyers has selected seven GW attorneys for recognition in its 2017 rankings of The Best Lawyers in America©. GW founding partner and chairman Robert Andrew Wild and partner/directors Fredrick I. Miller, Jeffrey S. Brown, Debra A. Silverman, and Greg E. Bloom were selected under the specialty of Health Care Law, while partner/director Steven R. Antico was chosen in the specialty of Business Organizations, and partner Alan H. Perzley was chosen in the category of Real Estate Law.

Robert Andrew Wild, founding partner and chairman, represents an array of national and regional health care provider institutions, companies, practitioners and not-for-profit groups, as well as clients in other industries. His practice primarily focuses on complex transactions for healthcare providers, including regulatory, compliance, mergers and acquisitions, antitrust, reimbursement, professional conduct issues, patient issues, real estate, graduate medical education and more. He is a past chairman and current board member of Long Island United Way, a board member of the Alumni Association of St. John’s Law School, and a past Board member of the Nassau Interim Finance Authority. Mr. Wild has been included in The Best Lawyers in America since 1991.

Fredrick I. Miller, partner/director and chair of the Health Care Practice Group, is also a member of the Business, Compliance and White Collar Defense, Insurance Regulatory and Tax Practice Groups. Mr. Miller’s practice focuses on the representation of hospitals and other health care providers, with emphasis on corporate governance, managed care and dispute resolution, compliance, corporate transactions and hospital/physician matters. Mr. Miller has been included in The Best Lawyers in America since 2009.

Jeffrey S. Brown, partner/director, is a member of the Health Care, HIPAA Compliance, and Litigation and Arbitration Practice Groups, and the head of the firm’s New Jersey office.  Mr. Brown represents various types of health care providers and institutions on a wide range of regulatory and transactional matters.  Mr. Brown’s experience includes various health care public policy-making and educational roles. Mr. Brown has been included in The Best Lawyers in America since 2015.

Steven R. Antico, partner/director, is a member of the Health Care, Business, Tax and Finance & Real Estate Practice Groups. Mr. Antico’s practice focuses on mergers, acquisitions, commercial transactions, credit facilities, joint ventures, and contract negotiations, and he has provided advice on numerous health care business acquisitions, consolidations, reorganizations, and all forms of professional practice transactions, including acquisitions, sales and buy-out transactions and the development, consolidation, and representation of single-specialty and multi-specialty medical super groups. He is also experienced in the representation, establishment and licensure of acute care, long-term care, ambulatory care, diagnostic and testing facilities, clinical laboratories, and ancillary service providers. Mr. Antico has been included in The Best Lawyers in America since 2016.

Debra A. Silverman, partner/director, is a member of the Business, Health Care, HIPAA Compliance and Insurance Regulatory practice groups. She represents hospital systems, teaching and community hospitals, faculty practice plans and physician group practices, with an emphasis on managed care contracting, health care delivery networks, accountable care organizations, clinical integration, value-based payment, physician arrangements, antitrust and regulatory matters.  Along with administering the firm’s managed care group, she handles direct negotiations with major managed care organizations for fee-for-service, accountable care and full-risk arrangements. Ms. Silverman has been included in The Best Lawyers in America since 2016.

Greg E. Bloom, partner/director, is the Chair of the firm’s Business Practice Group. He is also a member of the firm’s Health Care, Tax, Finance and Real Estate, and Corporate Reorganization and Bankruptcy practice groups. He represents both for-profit and not-for-profit entities, as well as individuals, with significant experience representing physicians, hospitals, ambulatory surgery centers, nursing homes, physician management companies and other clients in the healthcare industry. Mr. Bloom handles a variety of business transactions, including mergers and acquisitions, joint ventures, leasing, loans, management and other corporate matters. He regularly counsels clients regarding business and transactional matters and in legal compliance issues.

Alan H. Perzley, partner, is a member of the firm’s Finance and Real Estate, Business, Health Care, and Personal Services and Estate Planning practice groups, advising clients on a variety of business, real estate, regulatory, transactional and estate planning matters.
Mr. Perzley’s clients include real estate developers and investors, landlords and tenants, borrowers, banks and private lenders in connection with real estate finance and asset-based lending and equipment leasing transactions, as well as a wide range of health care providers, including physicians, physician practice groups, nursing homes, assisted living facilities, adult medical day care centers, medical office buildings and ambulatory surgery centers. Mr. Perzley has been included in The Best Lawyers in America since 2015.

Since it was first published in 1983, Best Lawyers® has become universally regarded as the definitive guide to legal excellence. Best Lawyers lists are compiled based on an exhaustive peer-review evaluation. Over 79,000 leading attorneys globally are eligible to vote, and we have received more than 12 million votes to date on the legal abilities of other lawyers based on their specific practice areas around the world. For the 2016 edition of The Best Lawyers in America©, 6.7 million votes were analyzed, which resulted in more than 55,000 leading lawyers being included in the new edition. Lawyers are not required or allowed to pay a fee to be listed; therefore inclusion in Best Lawyers is considered a singular honor. Corporate Counsel magazine has called Best Lawyers “the most respected referral list of attorneys in practice.”

Founded in 1980, Garfunkel Wild, P.C. (GW) maintains one of the most active health care practices in the Northeast, while also providing services to many non-health-related clients.  Always at the forefront of Federal and State developments, GW meets a full range of needs including strategic planning, complex transactions, exempt and taxable financing, white collar defense, litigation, fraud and abuse, estate planning, elder law, tax issues, real estate, licensing, capital formation, EPA/environmental issues, health information technology, privacy & security and bankruptcy.  GW maintains offices in Great Neck, NY; Hackensack, NJ; Stamford, CT; and Albany, NY.