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9 ALI-ABA Est. Plan. Course Materials J. 1 (2003)

handle is hein.ali/aaespl0009 and id is 1 raw text is: ALI-ABA ESTATE PLANNING COURSE MATERIALS JOURNAL VOLUME 9 FEBRUARY 2003 NO. 1 COTET Valuation Principles and Disclaimers Mark T. Carroll, Editor; Gayle Stutzman Evans 5 Philip M. Manley, Assistant Editor; What is the valuation date? How do you determine fair market value? Herb Powell, Art Director, What is the penalty for undervaluation? How do you value interests Joseph Mendicino, Circulation Manager; in closely held businesses? Every estate planner must be able to Kathleen H. Lawner, Advertising Director answer these and many other valuation-related questions. In this arti- cle, the author reviews the basics of valuation principles, demon- strates how to apply to these principles to the practical issues that The American Law Institute- arise in estate planning, and concludes with useful tips on how to use American Bar Association disclaimers to enhance the estate plan. Committee on Continuing Updated from the ALI-ABA Course of Study Basic Estate and Gift Tax- Professional Education ation and Planning, August 21-23, 2002. Michael Traynor, Chair How To Coordinate Charitable Contribution Planning Alfred P. Carlton, Jr., Vice Chair Opportunities with Business Succession Planning: The Charitable Lead Trust Jacqueline Allee * Dennis W. Archer Michael V Bourland and Shannon G. Guthrie 29 Edward R. Becker * Tom Bolt Charitable lead trusts-which make annual payments to a charity for Bennett Boskey - Paul J. Bschorr a number of years or for a life in being at the time of the trust-have Joanne A. Epps * Michael E. Flowers been around for a while. The number of permutations possible with Phoebe A. Haddon e D. Brock Homby these trusts-their term, how they are funded, how they distribute Theodore A. Kolb * Lance Liebman their income-make them very useful tools for the double goals of Timothy M. Lupinacci e Scott D. Makar charitable giving and succession planning. In this outline the authors Susan R. Martyn - John H. Morrison discuss how to use CLTs, and focus on special issues such as the dif- James R. Myers * Peter J. Neeson ferences between grantor and nongrantor CLTs. Joseph J. Ortego * Pamela D. Perdue Updated from the ALI-ABA Course of Study Estate Planning for the Sherwin P. Simmons e Wm. Reece Smith, Jr. Family Business Owner, August 1-3, 2002. H. Thomas Wells, Jr. * Mervin M. Wilf Richard E. Carter, Executive Director To purchase the online version of this issue, go to www.ali-aba.org and click on Articles and Forms Online. Back issues, individual articles, and forms are also available there. The ALI-ABA Estate Planning Course Materials Journal (ISSN: 1082-8206) is published bimonthly by The American Law Institute-American Bar Association Committee on Continuing Professional Education. Publication office: 4025 Chestnut Street, Philadelphia, PA 19104-3099. Editorial telephone - (215) 243-1604; circulation telephone - (215) 243-1644. Subscription rate: $45 per year. A single issue is $10, plus $.96 for postage and handling. Periodicals postage is paid at Philadelphia, PA and at an additional mailing office. POSTMASTER: Send address changes to ALI-ABA Estate Planning Course Materials Journal, 4025 Chestnut Street, Philadelphia, PA 19104-3099. Visit ALI-ABA's Home Page On the World Wide Web at www.ali-aba.org. Need to find out what we've published on important topics in past issues of our magazines? Check out our articles database at www.ali-aba.org/aliaba/sarticles.htm The object of the ALI-ABA Estate Planning Course Materials Journal is to publish materials useful to lawyers. All views or conclusions are those of the authors and not of the Editorial Staff or the sponsors of the Journal. Copyright © 2003 by The American Law Institute. ALI-ABA Estate Planning Course Materials Journal:

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