Video

  • 8 minutes

The Framework for Trusts and Estates Valuation; Guidelines from the IRS

 
Asset valuation governs whether and to what extent client will be subject to estate tax. If closely held business or real estate interests are involved, plan must account for transfer tax liability and estate liquidity. Valuation, especially valuation discounts, can create estate planning opportunity. Taxpayers can organize ownership of an entity to increase opportunity to use discounts. The subjective nature of valuation process includes objective financial and market information. Selection of valuation discounts involves subjective judgment and approaches and opinions can vary widely among experts. Nonetheless, valuations must operate within generally accepted valuation principles and parameters set by IRS and case law. The special valuation rules of Chapter 14 of the Code, including proposed regulations under Code section 2704, alter valuation of assets.

In this video our speaker, Christine Quigley, reviews valuation guidelines from the IRS. She discusses fair market value, revenue ruling 59-60, and valuation methods if there is no relevant public market.

Christine Quigley is a partner in the Private Clients, Trusts and Estates group of Schiff Hardin LLP. She advises affluent individuals and families in wealth transfer planning, tax planning, estate and trust administration, and business succession planning. Mr. Quigley is the vice chair of the Business Investment Entities, Partnerships, LLCs and Corporations Committee of the American Bar Association’s Real Property, Trust and Estate Law Section and active in the Chicago Estate Planning Council.
Runtime: 8 minutes

Faculty

Christine Quigley

Christine Quigley

Schiff Hardin LLP

Agenda

Faculty

Christine Quigley

Christine Quigley

Schiff Hardin LLP

  • Partner in the Private Clients, Trusts and Estates group of Schiff Hardin LLP
  • Advises affluent individuals and families in wealth transfer planning, tax planning, estate and trust administration, and business succession planning
  • Chair of the Business Investment Entities, Partnerships, LLCs and Corporations Committee of the American Bar Association’s Real Property, Trust and Estate Law Section and active in the Chicago Estate Planning Council
  • Has been quoted in The Wall Street Journal and has written and lectured on a variety of topics that impact her clients, including carried interest planning, family partnerships, tax traps involved in closely held business transactions and business succession issues
  • Fellow of the American College of Trust and Estate Counsel
  • Has been named a 'Rising Star' by Illinois Super Lawyers magazine each year 2012–2016
  • J.D. degree, summa cum laude, with a certificate in tax law, Loyola University Chicago School of Law; B.A. degree, Dartmouth College
  • Can be contacted at 312-258-5522 or [email protected]

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