Estate planning professionals have devised a number of sophisticated techniques to mitigate the effects of these taxes and at the same time further the non-tax objectives of the business owner, such as the equal treatment of children in the estate plan. These techniques include the use of gifts, trusts, family limited partnerships (FLPs), limited liability companies (LLCs), buy-sell agreements and life insurance. The effective application of these techniques requires sound, reliable valuations of the underlying closely held business interest. Cursory or poorly conceived and researched valuations can result in unpleasant surprises, including costly litigation: it is nearly always more cost effective to “do it right the first time.” When an estate contains a closely held business interest, a well prepared valuation can reduce the likelihood of a long, drawn out battle with the IRS. If such a battle does ensue, presenting a high quality valuation report as evidence can greatly increase the chances of success. Our professionals have assisted attorneys and accountants in achieving very favorable valuation-based tax settlements with the IRS, at both the agent and appeals level.