Brown Bag Lunch: Discounting for FLPs
Location: Massachusetts School of Law, 500 Federal St, Andover, MA 01810
Phone: (978) 681-0800
Speaker: Mark Skandier, Esq, Private Wealth Counsel
1 CFP CE Credit
Topic: Discounting for FLPs
Proposed 2704 Regulations:
Valuation Discounts on Family Wealth Coming to an End
- One of the most “user-friendly” strategies for high net worth families to protect their wealth, avoid estate taxes, and create a lasting legacy, is to create a Family Investment Company (“FIC”), usually set up as a Family Limited Partnership, or Family LLC.
- The strategy involves creating an FIC to pass assets to future generations, and obtain a “Valuation Discount” on those assets, for lack of (1) control and (2) marketability.
- After decades of battles between the IRS (on one side) and estate planners/tax payers (on the other), the strategy appears to be ending… possibly by the New Year, thanks to the IRS’ proposed regulations.
- This seminar discusses the FIC strategy – which could save six, seven, or even eight figures, for your high net worth clients – so long as they act fast.
Presented by: Attorney Mark Edward Skandier, Esq.
Mark Skandier is a member of the Massachusetts and US Virgin Islands (USVI) Bar Associations, and President of Private Wealth Counsel, LLC, a boutique estate and business planning law firm with its main office in Haverhill, MA. Mark began his legal career at a billionaire’s family investment company, and continued his career in the USVI, where he assisted ultra-high-net-worth individuals and business owners to navigate the USVI tax incentive program, securities legislation and international banking center legislation. After almost a decade away from his hometown of Methuen, Mark returned to the valley this May, with his wife, Carla, to open Private Wealth Counsel.
