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Gifting
Succession planning and family wealth transfer are major issues for the World War II generation and their "baby boomer" children. Through careful planning, minority interests can be transferred at values reflective of the minority status of each of the gifted interests. Properly handled, 100 percent of the ownership of the business can be transferred over time at a fraction of its value.Many Tax and Appellate Court rulings have addressed valuations of minority interests for gifting. Generally, the rulings reflect the Court's possible lack of respect for parties with appraisal reports or testimony that reveal a lack of any of the following:
1) Business valuation credentials
2) Independence in that their work was prepared as an advocate (unethical)
3) Training, experience and knowledge, which led to their appraisal methodology being improperly developed or inadequately supported
At BMK, we have the experience and credentials to provide well-reasoned and defensible appraisal reports.