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Structuring Defined Value Clauses in Trust Transfers: Formula Allocations and Price Adjustment Clauses:



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Recording and Slides are Available Here


This 90 minute program will cover defined value transfers from soup to nuts. Paul will cover all of the important cases and rulings involving defined value transfers beginning with the Fourth Circuit’s Procter decision and going up to the present with the Wandry decision. In particular, Paul will cover:

•If your clients are like mine were, their desire to make gifts often ends at what I call the “ gift tax county line;” i.e., where they started having to write checks to the government for the privilege of making gifts, irrespective of the wisdom of the gifting as an estate planning strategy.

•The problem with giving away subjectively valued assets is the uncertainty of actual fair market value of the gifted assets as finally determined for federal tax purposes. This dampened the verve for making large taxable gifts and sales of assets that could have a finally determined fair market value a multiple of the originally reported value on the tax return.

•Enter the defined value clause, which defines a gift or a sale or gift/sale as a formula that is tied to both the value that the client wants to give/sell and the value of the gift/sale as finally determined for tax purposes.

•Congress as well as the Treasury both expressly allow formula usage for gift tax purposes, e.g., in the areas of charitable remainder trusts, QTIP elections, disclaimers, and GRATs. Indeed, the Regulations expressly permit (and in some cases require) the use of a condition subsequent that would fail under Procter and its progeny.

•But IRS detests defined value transfers. Why?

•After addressing the basics, my webinar will cover a series of attempted transactions that I’m virtually certain won’t work, including the case that started it all-Procter. I’ll cover the cases and rulings where the IRS denied the effectiveness of a defined value clause of some sort.

•Then we’ll address those types of transactions that I think will definitely work if implemented and administered and reported correctly, looking at each case and ruling that is involved.

•We’ll conclude with a brief analysis of what I think might work, but for which there are no reported cases or rulings. 

There will be no CE for this webinar


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A native of Louisiana (and a double LSU Tiger), Paul Hood obtained his undergraduate and law degrees from Louisiana State University and an LL.M. in taxation from Georgetown University Law Center before settling down to practice tax and estate planning law in the New Orleans area. Paul has taught at the University of New Orleans, Northeastern University, The University of Toledo College of Law and Ohio Northern University Pettit College of Law. The proud father of two Eagle Scouts and LSU Tigers, Paul has authored or co-authored seven books and hundreds of professional articles on estate and tax planning and business valuation.  He was with The University of Toledo Foundation for over four years as Director of Planned Giving, leaving in January 2018. He can be contacted at 

paul@paulhoodservices.com



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