Asset valuations and your estate plan go hand in hand

Description

Abstract: If an estate plan calls for making noncash gifts in trust or outright to beneficiaries, it’s important to know the values of those gifts and disclose them to the IRS on a gift tax return. For substantial gifts of noncash assets other than marketable securities, it’s a good idea to have a qualified appraiser value the gifts at the time of the transfer. As this article explains, if the IRS deems a valuation to be “insufficient,” it can revalue the property and assess additional taxes and interest.