Valuing Very Large Estates Holding Investment Assets
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About This Program Piecing together the special considerations and components of a very large estate consisting of investment assets is a formidable task. Typically, most estates of this type are structured with a central FLP or LLC holding most of the assets. Frequently there are subsidiary entities designed to hold and manage investment assets which differ in nature from the estate’s primary asset class. Join William Frazier for instruction on the special valuation situations can arise in very large estates that are not commonly seen elsewhere such as; blockage discounts for large positions in equities, tiered discounts and discounts associated with investments in hedge funds and private equity partnerships. Managing data is an especially challenging part of valuing very large estates. Real estate appraisers, family offices and small groups add opaqueness and create coordination challenges. Understanding who will be providing data to you, their capabilities and desire to cooperate is essential for bringing all the components together. Agenda
Here we take the case of Smith Family Partners, Ltd., an investment entity with a Net Asset Value (“NAV”) of $300 million. The valuation is for estate tax purposes and is governed by the “Fair Market Value” definition. From a valuation standpoint, the Very Large Estate has many decision points which affect value. Each asset class and even each subclass must be considered. For example, dollar for dollar, a small cap stock portfolio has a higher discount impact than does a large cap portfolio. Non-income producing real estate has a higher impact than income producing real estate. In smaller assignments such differences might require less delineation due to materiality. However, in Very Large Estates even a non-core asset which is just a few percentage points of the total may still be material and must be properly vetted. Learning Objectives
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