Friday, May 25, 2018
James R. Reptti published an Article entitled, Minority Discounts: The Alchemy in Estate and Gift Taxation, Wills, Trusts, & Estates Law eJournal (posted in 2018; originally written in 1995). Provided below is an abstract of the Article:
A pernicious force is stalking the American economic landscape. Individuals owning valuable properties have watched their value decrease by 30 to 40% with the stroke of a pen. This wholesale and wanton destruction of value has not created consternation, however. Indeed, it is often the result of careful planning for which the owners of the devalued property pay large fees to appraisers and lawyers. A common tool of estate planning involves the purposeful diminution in value of family property in order to reduce estate and gift taxes.