2020, 10/07: ICLEF Session: ASA Indiana Chapter Seminar Indiana Continuing Legal Education Forum

Hosted By ASA Indiana Chapter

October 7, 2020 | 9am - 12:30pm

$67.50 - ASA Members

Register Now
 Current Issues in Estate and Tax Appraisals: October 7, 2020. 9AM-12 PM
Goal: Our focus will be on Estate and Tax Appraisals and the importance of working with Indiana Attorneys to understand the goals and objectives of the client, the legal perspective and recent changes in IRS regulations.
Introduction ASA Panel Members: Brief Statements
How Good Appraisal Work makes a difference: Rob Schlegel FASA
Part 1. The 2020-21 Uniform Standards of Professional Appraisal Practice and application to all appraisal fields (Rob Schlegel FASA & Sharon Theobald ASA) 75 minutes
IRS Definitions (copies & power point data provided)
Legal Members: John Gardner, Partner. Faegre Drinker Biddle & Reath LLP
Rodney Retzner, Partner, Kreig De Vault LLP
Keystones from Rob Schlegel FASA
Keystone: Transfer of wealth that will include business, real estate, personal property and machinery and equipment
Keystone: Standards attorneys should expect in estate and tax appraisals
Keystone: Economic Forces – Wealth Transfer – Change in the political agenda – Structures for giving. There will be more worth and oversight by the IRS
  1. What constitutes a qualified IRS Appraisal? USPAP
  2. Who meets the IRS standard of a qualified Appraiser?
  3. What is new IRS Declaration now required in gift and estate appraisals?
  4. What are the key Current Legal Issues in Estate, Gift and Tax Appraisals?
Part 2. How can the legal community work with appraisers to meet the new IRS appraisal standards in Estate, and Tax Appraisals? Rob Schlegel FASA,
Christopher Hirschfeld, ASA; Courtney Mussatt, ASA, Tim A. Roy, ASA, Michael Lady ASA, Sharon A. Theobald ASA
  1. Fair Market Value - Is there universal agreement? (Tim Roy ASA)
  2. Business Valuation, Current Issues (Rob Schlegel FASA, Courtney Mussatt ASA, Chirstopher Hirschfeld ASA)

Part 2. Continuing How can the legal community work with appraisers to meet the new IRS appraisal standards in Estate, and Tax Appraisals?
  1. Machinery and Equipment Current Issues (Tim Roy ASA)
  2. Real Estate Issues Commercial Real Estate: Michael C. Lady ASA
  3. Personal Property Issues: Sharon Theobald ASA: The Appraisal Foundation (TAF) IRS Art Advisory Panel, Copyright Law, Provenance, Fakes & Forgeries, Gift Restrictions, ASA & Covid 19 Statement
Part 3: Q & A Issues for discussion: Attorneys John Gardner and Rodney Retzner and ASA Appraisers
What are the problems attorneys deal with estate and tax related appraisals?
When to seek additional advice?
When to seek an appraisal?
What are the questions to ask an appraiser?
What to expect from a professional appraiser?
Time: Allocated: 3 Hour Session. This Session be Zoom and/or video-taped and made available through ICLEF to attorneys upon demand.
Legal Representatives:
John Gardner, Partner. Faegre Drinker Biddle & Reath LLP
Rodney Retzner Partner, Kreig DeVault LLP

Summary and Conclusion

Panel Members
Sharon Theobald ASA, Panel Chair, President, Appraisal Associates International, Personal Property and Fine Art Valuers (ASA Personal Property)

Rob Schlegel FASA, Houlihan Valuation Advisors, Past International President, American Society of Appraisers (ASA Business Valuation)

Christopher Hirschfeld, ASA, Somerset Financial, Director of Valuation Services (ASA Business Valuation)

Michael C. Lady ASA ,MAI, SRA, CCIM, FRICS, Senior Managing Director, Integra Realty Resources, Indianapolis (ASA Real Property)

Courtney Mussatt, ASA, BKD LLP, Senior Managing Consultant, Forensics and Valuation, (ASA Business Valuation)

Tim A. Roy, ASA, Capital Analytics. Asset Valuation and Senior Appraiser, (ASA Machinery and Equipment)

Attorney Panel Members
John Gardner , Partner. Faegre Drinker Biddle & Reath LLP


CE Credits

3 CE