Discounts can trigger confusion or even conflict in estate and trust administration. However, in reality, discounts aren’t loopholes or creative accounting. They’re grounded in economic principles that experienced fiduciaries must understand to properly value assets, report taxes, and manage risk. In this informative and accessible session, estate planning and tax attorney Marc M. Stern and complex-disputes litigator Julia Haye team up to explain why discounts exist, how they should be applied, and how fiduciaries can use them responsibly and defensibly. The presentation will cover: 1) Why discounts reflect real-world limitations such as lack of marketability and lack of control 2) IRS expectations and common discount issues in estate and gift tax audits 3) Impact of discounts on income tax basis, planning decisions, and fiduciary reporting 4) How valuation discounts influence sales, buyouts, and refinancing transactions 5) How to anticipate and mitigate disputes before they escalate 6) When to bring in a valuation expert and how to collaborate effectively With perspectives from tax planning, administration, and litigation, this session equips fiduciaries with the insight they need to navigate valuations confidently and avoid common pitfalls that lead to conflict or liability.
E5 – The Truth About Discounts: They’re Not Dirty, They’re Necessary. What Fiduciaries Must Understand About Valuation, Taxes and Risk Management
Speakers
Julia R. Haye
Greenberg & Glusker LLP
Julia R. Haye focuses on high-net-worth disputes, including high-asset divorce proceedings and probate litigation. Her practice includes complex cases involving marital property characterization, agreements, and intricate property issues. Drawing on extensive litigation experience, Julia effectively navigates high- stakes financial disputes, building trust with clients to resolve contentious, sensitive matters in divorce and probate cases. She has been recognized for her skill in high-net-worth litigation, named a Leader of Influence: Litigators and Trial Attorneys by the Los Angeles Business Journal in 2024 and included in Best Lawyers in America. Julia earned her J.D. from UCLA School of Law and her B.A. from UCLA.
Marc M. Stern
Greenberg & Glusker LLP
Marc M. Stern, Partner in Greenberg Glusker’s Private Client Services Group, advises clients on wealth retention and disposition, focusing on estate planning, transfer tax strategies, premarital agreements, and estate and trust administration. He also handles probate litigation and gift and estate tax controversies. Marc has been recognized in The Best Lawyers in America (2010–2025), Chambers High Net Worth Guide as a leading lawyer in private wealth disputes (2019) and was named a Trust & Estate Trailblazer by the National Law Journal (2017). Marc earned his J.D. from USC Gould School of Law and a B.S. in Mathematics from Stanford University.