Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Thursday, April 17, 2008

Valuation discounts related to FLP may apply for elective share purposes

KansasIn In re Estate of Hjersted, 175 P.3d 810 (Kan. 2008), the court held that in valuing partnership interests owned by a deceased spouse for purposes of calculating the surviving spouse’s elective share entitlement, discounts for lack of marketability and lack of control are “not precluded.”

The majority of the court suggested “general contours of guidance” for consideration on remand, including consideration of the balance to be struck between the policy behind the elective share and the legitimate aim of reducing valuation for estate tax purposes.

Three justices concurred, taking strong exception to the detailed nature of the “guidance.”

https://lawprofessors.typepad.com/trusts_estates_prof/2008/04/valuation-disco.html

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