TIPS OF THE TRADE YOU DON’T ALWAYS NEED A FORMAL APPRAISAL
Written by Bruce Givner, Esq.* and Owen Kaye, Esq.*
A. Parents’ Interest in Estate Tax Planning
Mom and Dad, ages 65 and 55, meet with Ernie the Estate Tax Lawyer, to discuss estate tax planning. They have 20 small apartment buildings, located in West Los Angeles. The buildings have $50,000,000 in equity and generate a 3% return. Mom and Dad have other significant assets including a valuable principal residence, a ranch in Wyoming, brokerage accounts, interests in private equity deals, crypto, and large IRAs. They have three children, have not used any of their lifetime transfer tax exclusion, and their entire estate is community property.