Planning for wealth transfer? FLPs with passive assets are still the most vulnerable
Recent cases concerning the viability of taxpayers’ transfers to family limited partnerships (FLPs) as “bona fide” for legitimate, non-tax business purposes have been fairly successful in the Tax Court—even when the transfers have involved assets that don’t require active management. Estate of Black, for instance, upheld an FLP in which the partners held the critical “swing” [...]
You can’t do estate planning without sound business valuations
BV.com was talking to Bob Buchanan (PCE Valuations) who’s attended a bunch of estate tax planning meetings recently. “The change in the tax law does not impact the necessity of obtaining a well-reasoned, independent valuation,” says Buchanan. He also believes:
“Valuation of holding-type entities like LPs and LLCs is no longer simply an application of discounts based [...]
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