Video

  • 20 minutes

Valuation Discounts - Adjustments to Value

 
The heart of estate planning occurs with adjustments to value. The most common discounts are lack of marketability, blockage, restricted securities, minority interest discount, control premium, and unrealized capital gains discount. In this video our speaker, Christine Quigley, goes into detail on each of these discounts. Lack of marketability discount is appropriate if there is no ready market for the interest, meaning the owner can’t readily convert value to cash. This discount applies to both majority and minority interests. Courts have begun to require evidence to support discount, rather than just average of market studies. Blockage discount applies to publicly traded securities. If block that is disproportionately large compared to average trading volume hits public market, market may become saturated, forcing price down. Blockage discount may be appropriate “in exceptional cases.” Ms. Quigley provides case law were applicable as well.

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: 19 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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