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Got Real Estate?Got Real Estate?
Whatever happens to the value of real estate in coming years, one thing is certain: It has become and will remain a large, important part of wealthy clients' portfolios. Even in bad times, real estate has the potential for growth and income production. Yet valuing real estate is an art, with reasonable people sometimes differing about the value of the same parcel. And if minority or fractional interests
David T. Leibell and Daniel L. Daniels, principals, Cummings & Lockwood LLC, Stamford, Conn.
Whatever happens to the value of real estate in coming years, one thing is certain: It has become and will remain a large, important part of wealthy clients' portfolios. Even in bad times, real estate has the potential for growth and income production. Yet valuing real estate is an art, with reasonable people sometimes differing about the value of the same parcel. And if minority or fractional interests in property are being valued, it's possible to apply discounts in the property's valuation. The net result is that real estate presents unique opportunities — and challenges — for estate planners. Advisors must be alert not only to estate-and-gift ...
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