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These reports are published by the American Academy of Estate Planning Attorneys and cover a wide-variety of subjects relating to estate planning.
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Special Valuation Benefits for Farms and Other Business Real Property
Highest and Best Use
Property in a decedent's estate is valued for estate tax purposes by the “willing buyer-willing seller test”. In the world of commerce, property generally changes hands for a price determined by agreement between a knowledgeable seller and a knowledgeable buyer. For purposes of this Report, this valuation concept relates to property which is not restricted as to its use. The buyer is not limited to the seller’s previous use of the property. The buyer may have a more profitable use for the property than the seller. This more profitable use is called the “highest and best use.”
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