When highly successful individuals pass away, their families can receive a second shock when the Internal Revenue Service demands an excessive amount of money in the estate tax return. This problem, as many wealthy families in Massachusetts and the rest of the country have found out, highlights the importance of effective estate planning.
But even with a solid estate plan in place, there can be disagreement over the value of assets. Take the recent example of real estate billionaire and Minnesota Twins owner Carl Pohlad. Poland’s family is currently involved in a standoff with the IRS over a tax bill of a multi-million dollar tax bill.