Private equity fund managers often own an interest in their funds, which seems ideal for wealth transfer planning. After all, their interest's initial value is often speculative, which would seem to justify a low gift tax valuation. Yet, the value of that interest could appreciate immensely, which would seem to bestow an untaxed windfall on beneficiaries. Be warned: Fund managers also face special risks when transferring these interests to their descendants. And you can't know how to ...

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