Product Description

Determining the “fair market value” of an asset for estate or gift purposes can be a daunting task, depending upon the nature of the asset to be valued. While ‘value’ can seem like such a simple concept, the devil is in the details. Further, with the highest federal gift and estate tax exemption amounts in history and the impending sunset of the high exemptions in 2026, clients are increasingly interested in making lifetime gifts where valuation is a key concern.

This program explores issues in asset valuation for both estate and gift tax purposes. The panel of experts explains the basic valuation rules under the code, including when various types of valuation rules can/must be used and valuation reporting requirements for estate and gift tax purposes. The panel also analyzes the intersection between gift, estate, and income taxes. Should a gift be made during lifetime or at death? Should alternate valuation be elected on an estate tax return? What types of discounts are available and when should they be used? Finally, the panelists review related recent IRS authority and caselaw on valuation issues. 

Agenda & Materials

• 2:00 - 2:10 pm

  Welcome and Introduction

  eLecture Add to Cart

  Review of Estate/Gift Tax Rules, Exemptions, etc.

  Luke C. Bean, Esq., Rico, Murphy, Diamond & Bean LLP , Natick
  Jennifer Z. Flanagan, Esq., Vacovec, Mayotte & Singer LLP , Newton
  Kimberley A. Train, PKF O'Connor Davies , Boston
  
• 2:10 - 2:20 pm

  Basic Valuation Concepts

  eLecture Add to Cart

  Fair Market Value, Methods of Valuation, Timing, Context

  Luke C. Bean, Esq., Rico, Murphy, Diamond & Bean LLP , Natick
  Jennifer Z. Flanagan, Esq., Vacovec, Mayotte & Singer LLP , Newton
  Kimberley A. Train, PKF O'Connor Davies , Boston
  
• 2:20 - 2:50 pm

  Valuation in the Tax Planning Context

  eLecture Add to Cart

  Valuation of Assets for Gift Purposes, Family LLCs/FLPs, Formula Gifts, Discounting, Split-Interest Gifts, Timing, Fractional Interests, Strategic Planning, etc.

  Luke C. Bean, Esq., Rico, Murphy, Diamond & Bean LLP , Natick
  Jennifer Z. Flanagan, Esq., Vacovec, Mayotte & Singer LLP , Newton
  Kimberley A. Train, PKF O'Connor Davies , Boston
  
• 2:50 - 3:20 pm

  Valuations in the Tax Administration Context

  eLecture Add to Cart

  Alternate Valuation, Special Use Valuation, Business Interest Valuation, Valuation of Trust Interests, Charitable Bequests, String Interests, etc.

  Luke C. Bean, Esq., Rico, Murphy, Diamond & Bean LLP , Natick
  Jennifer Z. Flanagan, Esq., Vacovec, Mayotte & Singer LLP , Newton
  Kimberley A. Train, PKF O'Connor Davies , Boston
  
• 3:20 - 3:35 pm

  Break
• 3:35 - 3:50 pm

  Valuation Issues From a Trust and Estate Administration Perspective

  eLecture Add to Cart

  Drafting Trust Provisions, Allocation of Assets, Distribution Among Beneficiaries, Equalization, Estate Tax Apportionment, etc.

  Luke C. Bean, Esq., Rico, Murphy, Diamond & Bean LLP , Natick
  Jennifer Z. Flanagan, Esq., Vacovec, Mayotte & Singer LLP , Newton
  Kimberley A. Train, PKF O'Connor Davies , Boston
  
• 3:50 - 4:30 pm

  Wills: Valuations in Practice

  eLecture Add to Cart

  Approaches, Application of Discounts, Considerations, Traps for the Unwary

  Kimberley A. Train, PKF O'Connor Davies , Boston
  
• 4:30 - 4:50 pm

  Tax Considerations in Wills: Filing, Reporting and Dealing with the IRS

  eLecture Add to Cart

  Disclosure on Returns, Requirements, Reporting Strategies, Audits, Defending Against the IRS

  Luke C. Bean, Esq., Rico, Murphy, Diamond & Bean LLP , Natick
  Jennifer Z. Flanagan, Esq., Vacovec, Mayotte & Singer LLP , Newton
  Kimberley A. Train, PKF O'Connor Davies , Boston
  

Special Program Materials:

• Estate Planning for the Aging or Incapacitated Client in Massachusetts

Please Note

MCLE webcasts are delivered completely online, underscoring their convenience and appeal. There are no published print materials. All written materials are available electronically only. They are posted 24 hours prior to the program and can be accessed, downloaded, or printed from your computer.

Cochairs

Faculty

Fees

• $220.50 - MCLE Sponsor Member
• $122.50 - New Lawyer
• $122.50 - Pending Admittee
• $122.50 - Law Student
• $122.50 - Paralegal
• $245.00 - All Others

Available FREE with an MCLE OnlinePass^® subscription.