Are Your Gift and Sale Transactions at Risk - -
Because You Have No Idea What’s In (Or Should Be In)
the Appraisal?

Lots of professionals and their clients are taking advantage of the new, limited time $5 million exemption to make gifts and sales of assets.

Larger transactions often employ sophisticated techniques to help assure the $5 million exemption won’t be exceeded, like SCIN-GRATs and defined value transfers.

But professionals are too often overlooking the real source of IRS audit risk - - and the potential for gift tax, interest and penalties, and a possible malpractice lawsuit - - the appraisal, particularly a business appraisal.

By “business”, we’re including not only “active” trades or businesses, but also more passive types of businesses, like rental real estate, that may be owned in an FLP, LLC or other entity.

If your clients are making substantial gifts or sales, you can’t afford to just “take the appraiser’s word for it” when planning the transaction and later filing the 709.

You need to know:

  • Why it’s critical to review draft valuation reports
  • The fine line between suggestions and report writing
  • The 10 “Burning Issues” in the appraisal that you, as a non-appraiser, should look for
  • A checklist of questions to ask the appraiser (not just the amount of the valuation discount!)

If you’re a CPA, estate planning attorney or other professional who is involved with advanced level estate tax planning for high net-worth clients, you should definitely participate in our program, “The Burning Issues that Impact Business Appraisers”.

 

  • Program Title: The Burning Issues That Impact Business Appraisers
  • Speaker:
  • Duration: 90 minutes

L. Paul Hood

Jr., Esq.
L. Paul Hood

Paul Hood is presently a speaker, consultant and commentator on estate planning issues.  He also serves from time to time as a trust protector and trustee.  A former estate planning and tax attorney in Louisiana, Paul received his undergraduate and law degrees from LSU (he’s a proud Tiger!) and his LL.M. in taxation from Georgetown University Law Center.  He is a frequent speaker, is widely quoted and his articles have appeared in a number of publications, including BNA Tax Management Estates, Gifts and Trusts Memorandum, CCH Journal of Practical Estate Planning, Estate Planning, Valuation Strategies, Digest of Federal Tax Articles, Loyola Law Review, Louisiana Bar Journal, Tax Ideas, Family Foundation Advisor and Charitable Gift Planning News.  He is the author of BNA Portfolio 830 on general valuation.

Paul has spoken at programs sponsored by a number of law schools, including Duke, Georgetown, NYU, Tulane, Loyola (N.O.) and LSU, as well as many other professional organizations.  He taught estate and gift tax at the University of New Orleans for five years, and is now teaching a course on estate planning for the online masters in taxation program for Northeastern University.  From 1996-2004, Paul served on the Louisiana Board of Tax Appeals, a three member board that has jurisdiction over all Louisiana state tax matters.

Paul and Tim Lee wrote a book on business valuation that John Wiley & Sons published in the spring of 2011, and he is presently writing a book on estate planning for blended families that should be out in the spring of 2012.  A proud father of two teen-aged boys, Paul also was a longtime pitching coach, and he is a huge baseball fan.  Paul and his estate planning attorney wife, Carol Sobczak, reside in Napa, California.

IMPORTANT NOTICE REGARDING CE CREDIT

The Ultimate Estate Planner, Inc. and the presenter are not registered Continuing Education Sponsors and this program is not pre-approved for continuing education credit for any state or regulatory agency.

However, please note that each program includes a Certificate of Completion and, depending on the license and the regulatory agency for which governs a participant’s CE credit, some professionals may be able to self-report his or her participation and receive credit. It is the responsibility of the participant to complete any process necessary to seek self-reported CE credit for his or her participation. By registering for a teleconference (or purchasing on On-Demand program), you understand that CE credit is not guaranteed or warranted by the presenter or The Ultimate Estate Planner, Inc.

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