Perspectives
Perspectives is a quarterly digital publication that covers an array of topics, including valuation, taxation, litigation, transactions, financing, bankruptcy, and strategic planning. Like its award-winning predecessor, Insights, each edition of Perspectives is authored by Willamette Management Associates analysts, with occasional contributions from prominent attorneys and other professionals. Perspectives offers insights and analyses from our analysts to help readers stay informed on complex issues in the areas of valuation, forensic analysis, and financial advisory services.
Editor for this issue: Weston C. Kirk
Spousal Lifetime Access Trusts: Pitfalls for the Unwary Couple
Tish McDonald, Emily Newton, and Seth Euster
A spousal lifetime access trust (“SLAT”) is an increasingly popular asset protection tool in high-net-worth estate planning. Although SLATs can be highly effective, they present two key pitfalls that may undercut their intended benefits. Careful estate planning can mitigate those risks.
Avoiding Double Discounting in Tiered Business Structures
Valuing an interest in a tiered business structure is not typically a straightforward appraisal assignment. As valuation professionals navigate multiple layers of control and marketability, the risk of double discounting becomes a potential issue. A quantitative framework demonstrates the avoidance of double discounts.
Measuring Customer Concentration Risk Within the Company-Specific Risk Premium
Customer concentration risk is a frequent occurrence for privately held companies, yet it often is overlooked within valuation analyses. By linking modeled cash flow disruption scenarios to implied discount rate adjustments, valuation professionals can more directly support company-specific risk premium selections.
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Previous Issues
April 2026 Perspectives
Editors for this issue: Nathan P. Novak and Timothy J. Meinhart
- The Effect of Macroeconomic Uncertainty on Business Valuation
- Vetting Management Projections: Best Practices and Insights
- The Graegin Loan Remains a Viable Option for Certain Illiquid Estates
January 2026 Perspectives
Editors for this issue: Scott R. Miller and Lisa H. Tran
- How Volatile Interest Rates Affect the Cost of Capital and Company Valuations
- Succession Planning in 2026: Employee Stock Ownership Plans and the New Estate Tax Landscape
- The One Big Beautiful Bill Act’s Effect on the Value of S Corporations and Pass-Through Entities
July 2025 Perspectives
Editor for the issue: Jackson L. Crispin
- Tax Court Allows Tax-Affecting for the Discounted Cash Flow Method in Pierce v. Commissioner
- Conflict Transactions and the Evolution of the Fairness Opinion Landscape
- The Application of the Relief from Royalty Method for Intellectual Property Valuation
April 2025 Perspectives
Editors for the issue: Timothy J. Meinhart and Nathan P. Novak
- Nuances with Respect to Valuing a Controlling Ownership Interest
- Proposed Regulation Changes to Circular 230
- Estate Planning and Buy-Sell Agreements After the Connelly Decision
January 2025 Perspectives
Editor for this issue: Scott R. Miller
- The Potential Application of Artificial Intelligence in Business Valuation
- Providing support and Rationale for the Estimation of Company-Specific Risk Premium
- Comparison of the Business Valuation Development Standards Among Organizations
October 2024 Perspectives
Editor for this issue: Jesse J. Gillett
- Key Considerations in the Valuation of Carried Interest from a Tax Perspective
- Digging in the Dirt: Performing Forensic Analysis of Financial Records for Valuation Purposes
- Jointly Retained Valuation Engagements: A Road Map for Trust and Cooperation
July 2024 Perspectives
Editor for this issue: Brent A. McDade
- Speculative, Viral, and Volatile: Valuation Considerations for Cryptocurrency Assets
- Company Stock Repurchases at Fair Market Value May Deliver Value Accretion for Remaining Shareholders
- Qualified Appraisals and Charitable Contribution Deductions: The Lessons of Hoensheid
April 2024 Perspectives
Editors for this issue: Nathan P. Novak and Timothy J. Meinhart
- Control Considerations in the Valuation of a 50 percent Ownership Interest
- The Expatriation Tax: How to Present Assets to the IRS When You Say Goodbye to the United States
- The Valuation of Controlling Ownership Interests in the Context of Gift Tax Planning
January 2024 Perspectives
Editors for this issue: Justin M. Nielsen and Lisa H. Tran
- The Applicability of Discounts for Lack of Marketability on Controlling Ownership Interests
- Higher Interest Rates and Tax Exemptions May Maximize Benefits in Gift and Estate Tax Planning
- Key Person Considerations When Valuing Private Companies in a Gift and Estate Tax Context
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