Events Information

The North County Estate Planning Council - San Diego is pleased to bring a panel of top valuation professionals to the group, including.

Kyle Vataha, AltaView Advisors

Jared Eichorst, AltaView Advisors

Philip Schwab, Stout Advisory Services

The panel will address the latest developments in discount valuations and other estate and gift tax valuation issues, including: 

• An overview of recent valuation court cases including the Estate of Streightoff and Kress
• A discussion of valuations of discounts associated with large percentage and/or controlling interests
• A review of other important valuation discounts such as corporate structure discounts for C corporations
• An exploation of presale planning opportunities prior to a liquidity event
• A question and answer session covering estate and gift tax valuation related questions

This meeting will also feature our "Hot Topics Update" on what is happening today, presented by:

Catherine Swafford, Withers Bergman

Kristan Sheppard, Goodwin Brown

Roberta Robinson, Robinson & Wilson

Kyle Vataha 
is a Principal of AltaView and is located in the firm’s Orange County office. He has extensive experience advising on valuation matters for businesses across a diverse range of industries and encompassing a wide range of company sizes and stages of development. Kyle is one of the nation’s foremost experts in the valuation of alternative asset managers, including a wide range of structured equity interests such as carried interests, co-invest capital, management fee waivers, and net fee income.

Kyle regularly performs valuations for individuals’ estate planning and estate tax matters, and for individual and corporate income tax matters. Kyle has assisted with the design and implementation of owners’ succession plans, buy-sell agreements, equity grants, and repurchases of departing owners’ interests. He has defended valuation opinions in IRS audit and in Tax Court, and has supported private parties in commercial litigation. He has also performed fairness and solvency opinions related to mergers, acquisitions, and leveraged recapitalizations.

Kyle is an expert and thought leader in the following areas:

• Privately owned companies across a wide range of industries
• Pass-through entities (S Corp, LLC, LP)
• Alternative asset managers (PE, VC, hedge funds)
• Restricted securities (Rule 144, insider stock, NQSO's)
• Pre-sale and pre-IPO planning
• Fixed income and preferred securities
• Complex securities and derivatives
• Intangible assets (trademarks, patents, and royalty streams)
• Private derivative contracts
• Life insurance policies and split dollar receivables

Prior to co-founding AltaView, Kyle was a Senior Manager with Deloitte Transactions and Business Analytics LLP and a Managing Director with Pluris Valuation Advisors LLC.  Kyle started his career with FMV Opinions, Inc., where he managed the ongoing development of The FMV Restricted Stock Study (now the Stout Restricted Stock Study).

Education: Stanford University, B.A., Economics

Professional Associations:

• North County Estate Planning Council- San Diego
• Stanford Alumni Association of Orange County

Speaking Engagements:

• Transferring Partnership Interests by Gift, Deloitte Investment Management Advanced, July 2017
• Private Equity Firm Valuation, American Bar Association, RPTE Section, December 2016
• Pre-Sale Planning, NACVA/CTI Regional Specialty Conference, October 2016
• Tales from the Trust Litigation Crypt, Appraisal Institute Annual Litigation Seminar, November 2013
• Transfers of Non-Qualified Stock Options, Valuation Products and Services Webinar, June 2012
• The New FMV DLOM Calculator, Business Valuation Resources Webinar, September 2010

Contact Info: Kyle B Vataha, Principal, AltaView Advisors LLC

23046 Avenida de la Carlota, Suite 600 | Laguna Hills, CA 92653; D: 949.450.9334 | M: 714.653.8786

E: [email protected]

Jared Eichorst, CFA 
is a Principal of AltaView and is located in the firm’s Orange County office. He has extensive experience valuing interests in closely held investment holding companies ranging in size from small family-managed partnerships to multi-billion dollar professionally managed entities. Jared also has a particular expertise in determining discounts for lack of control, lack of marketability, corporate structure, lack of voting rights, and multiple tiers of ownership.

Jared has performed valuations for a wide range of purposes including tax planning and compliance, financial reporting, transaction advisory, and charitable donations. In addition, Jared has provided tax controversy support for a wide spectrum of valuations and has successfully defended challenges to discounts applied to undivided interests in real property, discounts for lack of control and marketability, tiered discounts, lack of voting discounts, discounts applied to investments with very short holding periods, discounts applied to controlling interests, and discount rates utilized to appraise intrafamily promissory notes. His unique background and expertise makes him an ideal advisor for valuations that will be subject to significant scrutiny. Jared is actively involved with local estate planning councils and frequently serves as a guest speaker to law firms and family offices.

Jared is an expert in the following areas:

• Undivided interests in real and personal property
• Establishing preferred yields and appraising “preferred freeze” structures
• Blockage discounts for restricted stock in public companies
• Limited partner interests in private equity and hedge funds
• Fixed income instruments including intra-family promissory notes

Prior to co-founding AltaView, Jared was a Manager with Deloitte Transactions and Business Analytics LLP and was the national practice leader for estate and gift tax valuations of closely held investment holding entities. Previously, Jared was a Senior Vice President with FMV Opinions, Inc., where he managed the firm’s national alternative asset valuation group and played a key role in growing the firm’s New York office.

Education:

California State Polytechnic University, B.S., Business Administration - Finance, Real Estate, and Law

Credentials and Licenses: Chartered Financial Analyst (CFA), CFA Institute

Professional Associations:

• American Society of Appraisers
• New York Society of Security Analysts
• Beverly Hills Estate Planning Council
• Los Angeles Estate Planning Council

Speaking Engagements:

• Valuation of Closely Held Companies, Whittier Trust Company, July 2016
• Valuation Revelations, Lincoln Financial Advisors – Sagemark Consulting, September 2015
• Gift and Estate Tax Valuation, Bakersfield Estate Planning Council, Inc., September 2014
• The Current State of Estate & Gift Tax Valuation, Meyer, Suozzi, English, & Klein, P.C., June 2014
• The Current State of Estate & Gift Tax Valuation, Day Pitney LLP, June 2014
• The Current State of Estate & Gift Tax Valuation, Norton Rose Fulbright US LLP, April 2014
• The Current State of Estate & Gift Tax Valuation, Davidson, Dawson & Clark LLP, March 2014

Contact Info: Jared J. Eichorst, CFA, Principal, AltaView Advisors LLC

D: 917.765.3592 | M: 310.351.3612

E: [email protected]

Philip M. Schwab
is a Managing Director in the firm's Valuation Advisory group. He has extensive experience in determining discounts for lack of control and lack of marketability for fractional interests in real property and for interests in business entities, which hold real property, marketable securities, and other traditional and non-traditional assets. He is also recognized for his expertise in determining the valuation impact of holding investment assets inside a C corporation, as well as valuing non-voting securities, debt instruments, and other non-traditional business interests.

Prior to joining Stout, Mr. Schwab was with FMV Opinions for over 20 years, where he was head of the firm's national alternative asset valuation group which specialized in the determination of fair market value discounts for lack of control and lack of marketability. Prior to FMV, he spent three years as a Controller and one year as a General Manager of a wholesale distribution company based in Southern California, where his responsibilities included capital expenditure planning, cash-flow management, accounts receivable and accounts payable management, financial statement preparation and analysis, payroll and personnel management, and financial budgeting and analysis.

Practice Areas: Trust & Estate. Shareholder & Succession Planning

Focus Industries: Financials, Real Estate, Lodging& Leisure

Education: B.A., Finance, Washington State University (Summa Cum Laude)

Licenses & Designations: Accredited Senior Appraiser (ASA)

Professional Memberships:

• American Society of Appraisers
• Estate Planning and Trust Council of Long Beach, Member
• North County Estate Planning Council – San Diego, Member
• Riverside Estate Planning Council, Member

Select Publications:

• Business Valuation Alert Vol. 12, No. 3 July 2011: Estate of Foster: Valuing Contingent Assets and Contingent Liabilities
• BV Q&A Update Vol. 2, No. 10 October 2005: Layered Discounts in FLPs
• BV Q&A Update Vol. 2, No. 2 February 2005: What is the Best Source for Determining Discounts for Lack of Marketability for Family Limited Partnerships Holding Real Estate?

Select Presentations and Speeches:

• ACTEC Summer Meeting, Litigation Committee June 2018, Valuation of Legal Uncertainty
• AXA Advisors, LLC September 2017, Introduction to Buy-Sell Agreements
• Snell& Wilmer L.L.P. September 2017, Role of the Board in M&A Transactions
• Henderson, Caverly, Pum & Charney, LLP October 2016, The New §2704 Regs.: What will valuations look like if they go final?
• Geiger Law Office, P.C. September 2016, The New §2704 Regs.: What will valuations look like if they go final?
• Whittier Trust Company July 2016, Valuation of Closely-Held Companies

Contact Info: Philip Schwab, ASA, Managing Director, Valuation Advisory, Stout Risius Ross, LLC

5151 California Avenue, Suite 200, Irvine, CA 92617

D +1.949.335.3954 | M +1.949.338.0636 | [email protected]