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Estate Tax valuation date

Valuation: The value is the fair market value. This is construed to mean the price at which the property would change hands in an arm’s length transaction between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of the relevant facts. The valuation issue may arise in the context of inclusion of property in the estate or in computing a deduction or exemption.
• Date: The valuation date is the date of the decedent’s death. An alternate date six months later may be elected but only if it decreases both the estate and the tax. If an alternative date is used, that date will be used for all assets of the estate. The election can be used for a late filed return and is irrevocable. Although date of death or alternative date are used, some post death events can affect valuation, such as post death sales or expectation of board approval which might result in a discount in value.

To make sure that you are protected, it is crucial that you contact skilled and experienced Attorney C. Stephen Gurdin Jr. a Pennsylvania Estate Planning lawyer.
Call Attorney C. Stephen Gurdin Jr. at his Gurdin Law Wilkes-Barre Scranton Pennsylvania area office today, 570.826.0481 toll free 1.800.221.0618.email Stephen@gurdinlaw.com to schedule a free consultation
Regular Office hours 2:30 and 7 p.m. Monday through Friday by appointment. Earlier appointments available upon request.

 

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