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Wednesday, January 25, 2023

Observe From the Editor: February 2023

Property-planning practitioners are sometimes busy with cerebral capabilities like analyzing the assorted tax legal guidelines and drafting the proper belief paperwork to fulfill the wants of their purchasers. However generally, it’s good to take a step again and take into consideration extra philosophical  points like what an estate-planning apply could appear to be sooner or later. With the present excessive property and present tax exemptions, what different consumer targets can property planners obtain except for tax financial savings? What are a few of the development areas for estate-planning practices? And what measurement companies are greatest suited to deal with these points? As a part of this month’s Fashionable Follow Committee Report, we requested 4 thought leaders to share their views. Their responses are included in “The Way forward for Property Planning,” p. 54. Unsurprisingly, not everybody agreed on what the longer term will or ought to appear to be. However some frequent themes did emerge, such because the myriad of development areas for companies, the function attorneys ought to play in serving to to resolve household conflicts and the numerous alternatives for proficient attorneys to hitch the sector.

Returning to the extra analytical aspect of property planning, this month’s concern additionally consists of our Valuations Committee Report. Figuring out the worth of property in an property or donated to a charity is an important part of property planning and one which practitioners should perceive and handle. Our articles this month cowl how the Inflation Discount Act impacts enterprise valuation, how the Tax Courtroom has decided the worth of a conservation easement donation and the evolving legislation on reductions for lack of marketability in household restricted partnerships.

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