Luncheon: Unwrapping the Puzzle: Complex Assets sponsored by BNY Wealth
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Please arrive at 11:30am for networking time in advance of lunch. Lunch will be served around 11:45am with the meeting beginning at 12:15pm.
About the Program
Giving complex assets, such as closely held business interests, collectibles, or real estate, often requires careful planning to ensure proper compliance. This presentation will cover the typical process of making a gift: from considering why and when a donor would consider making a gift of a complex asset, an overview of the due diligence process, and what one could expect after making a gift, among other considerations. Having a team of advisors with experience on these types of assignments is imperative into making sure all proper hurdles are met as the process of making a complex gift is usually a “not-one-size-fits-all” process. The presentation will also discuss the concept of obtaining a qualified appraisal, which is required for gifts above certain value thresholds, and will discuss certain recent tax court cases that provide additional insight into how the process should be performed and important factors to consider.
About the Speakers
Katie Collin returned to the Cleveland Foundation at the end of July 2024 as the Director, Philanthropic Strategy. In this role she guides the team that introduces donors, families and organizations to the multitude of philanthropic tools the Foundation has to offer, and partners with the team that works with donors and organizational fund partners to help them achieve their philanthropic objectives. She first served with the Cleveland Foundation from 2016 – 2019 as a Gift Planning Advisor. Katie is a member of many local associations including EPC Cleveland, where she serves on the membership committee. She is a dedicated community member, currently serving on the board of the Cleveland Public Library Foundation and as a member of LakewoodAlive’s development committee in her hometown of Lakewood. Katie earned her Bachelor of Arts in art history, with minors in economics and Italian language & literature from Smith College, and her Juris Doctorate from the University of Akron School of Law. She completed training through the 21/64 Program to provide multigenerational advising, facilitation and engagement, so that multiple generations can work, give and serve together more effectively. Katie received her Certificate for the Fundamentals of Alternative Investments from CAIA in 2023.
Patrick Polomsky is a Director within Stout’s Valuation Advisory group with a primary focus within the firm’s Trust and Estate Valuation practice. His experiences cover a broad range of industries for a variety of purposes, including estate and gift taxation, income tax requirements, shareholder and succession planning, buy-sell agreement consulting, among others. He specializes in Fair Market Value engagements involving closely held business interests, FLP/LLC discount analyses, restricted stock and blockage discount opinions, personal goodwill valuations, preferred stock valuations, promissory note valuations, and C to S conversions. Finally, he is also responsible for maintaining The Stout Restricted Stock Study for the firm licensed through BVR, which is the most comprehensive database of fully-vetted and screened Rule 144 transactions used by valuation professionals across the country to determine an appropriate discount for lack of marketability.
Jaclyn M. Vary │ 2024-2025 Program Chair
Continuing Education – The following credits will be available (as of 2/21/25):
CFP® – Approved for 1 hour CE from the CFP® Board
General – 1 hour CE available for those AEP®, CPA, and CWS designees who feel the program satisfies their continuing education requirements.
Reservation Policy –
IN PERSON: All attendees are encouraged to register in advance and walk-in reservations will be accepted on a space-available basis only. The meeting cost is $35 for members when paid in advance before noon 03/07/25, $50 for members at the door, $50 for guests, and $210 for a table of six (can be mix of members and non-members - please submit names to admin@epccleveland.org by 03/07/25). If you reserve and are unable to attend, please call the office to cancel by noon 03/07/25 to avoid a no-show reservation billing.
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