Aaron M. Stumpf co-leads the firm’s Trust & Estate Valuation practice and has more than 20 years of experience providing valuation opinions in a broad range of industries for a variety of purposes, including estate and gift taxation, income tax requirements, corporate transactions, buy-sell agreement consulting, shareholder disputes, and other litigation and tax controversy related matters.
Aaron specializes in fair market value engagements involving closely held business interests, FLP/FLLC valuation discount analysis, restricted stock and blockage discount opinions, preferred stock valuation, promissory note valuations, and valuation of private equity and hedge fund interests. He has extensive experience with Internal Revenue Service audits, appeals, and settlements involving closely-held business interests.
Aaron has lectured and presented on the topics of business valuation, valuation discounts, and other estate and gift tax valuation controversy matters. He is a contributing author to three business valuation textbooks, including Shannon Pratt’s Valuing a Business, 6th Edition: The Analysis and Appraisal of Closely Held Companies (McGraw Hill), Business Valuation (Law Journal Press) and Business Valuation: A Primer for the Legal Professional (American Bar Association).
Prior to joining Stout, Aaron began his career at Ernst & Young, LLP in its Assurance and Advisory Business Services Group in Detroit.
Select Publications
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Transaction Advisors December 2017
Mitigating Valuation and Tax-Related Consequences in Buy-Sell Agreements
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NAEPC Journal of Estate & Tax Planning April 2014
Freeze Partnerships: Establishing the Preferred Rate
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Trusts and Estates July 2011
Should Substantial Discounts Apply to Very Short Holding Periods?
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Business Valuation Review April 2011
The Stout Risius Ross Restricted Stock Study: A Recent Examination of Private Placement Transactions from September 2005 through May 2010
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Business Valuation May 2010
Estate and Gift Tax Valuation
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Business Valuation March 2010
Valuation Discounts and Premiums
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Business Valuation: A Primer for the Legal Professional December 2007
Contributing Author to Book Written by Stout's Jeff Risius
Select Presentations and Speeches
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31st Annual Tax Conference May 2018
Controversial Tax Issues in Business Valuation for Estate & Gift Tax Purposes
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National Trust Closely Held Business Association 42nd Annual Conference September 2017
Valuation Roundtable and Court Case Update
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IICLE 60th Annual Estate Planning Short Course May 2017
Current Developments - and Time Tested Principles - of Planning with Valuation Discounts
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Master of Law Program (LL.M), Northwestern University Law School November 2016
An Overview of Business Valuation in a Gift & Estate Tax Context
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Chicago Estate Planning Council May 2016
What’s Your Angle? How the Different Members of a Client’s Planning Team Use and Assess Financial Documents
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Master of Law Program (LL.M), Northwestern University Law School November 2014
Business Valuation for Gift, Estate, and GST Tax Purposes
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Wells Fargo – The Private Bank March 2014
Business Valuation Issues in Succession Planning
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Illinois CPA Society Taxation on Real Estate Conference June 2013
Real Estate as it Applies to Estate & Gift Tax: Valuation Discounts
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Stout Webinar November 2010 Webinar
Effectively Defending Discounts for Lack of Marketability
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MACPA Specialized Business Valuation Workshop October 2010
Manufacturing - For Whom and at What Value
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United States Law Firm Group September 2010
Estate and Gift Tax Valuation: Pressing Issues, Financial Explanations, and Typical IRS Inquiries
Practice Areas
Focus Industries
Education
B.A., Accounting, Michigan State University (with High Honor)
Licenses & Designations
Certified Public Accountant, Accredited in Business Valuation (CPA/ABV)
Professional Memberships
American Institute of Certified Public Accountants
Illinois CPA Society
Chicago Estate Planning Council
Business Valuation Association of Chicago