Case study ยท Illustrative
How a family held a $140M estate together across three children and five grandchildren: one record of every asset, a plan built on documented values, and liquidity without selling anything whole.
The starting point
Walter Ashdown, 81, built a property business in Phoenix, bought farmland in Iowa as a long-term hold, and spent forty years assembling an art collection and a garage of classic cars. Together they were worth about $140M, and almost none of it was cash.
His three children wanted different things. Elena runs the property business. Marcus lives in Lisbon and wanted income, not management. Nadia, a painter, wanted the collection kept together. And on the usual path, the taxes and costs due at Walter's death would force a sale of the farmland or the art.
Sales and gifts to trusts, the size of an insurance policy and a fair division among heirs all rest on values the family, its advisors and, later, the tax authorities can rely on. Each value in the Ashdown plan comes from an independent appraiser and sits on the ACAN record with that appraiser's credentials. Arrabon did not set the values, and did not design the plan.
How it happened
The family's estate attorney submitted the estate through List an asset as four asset groups: an apartment complex, farmland, an art collection and nine classic cars. The family trust and its members completed identity checks.
Independent experts reported on every asset: a title search, inspection and appraisal for the apartments; a survey, yield records and appraisal for the farmland; provenance research, authentication opinions and appraisals for the art; and title, inspection and appraisal for the cars. ACAN verified and recorded 37 reports from 14 experts, for a total appraised value of $140.0M.
The family's attorneys formed a holding company with a separate SPV for each asset group. Interests in each SPV are represented on the platform, so they can be allocated precisely.
The family's attorneys and tax advisors designed the plan. Walter sold and gifted interests to an intentionally defective grantor trust (IDGT) for his five grandchildren, at the appraised values on the record. An irrevocable life insurance trust (ILIT) holds a policy sized, from the same values, to the taxes and costs the estate is expected to face.
Interests were allocated by what each heir needs rather than split evenly across every asset. Elena holds the largest share of the apartments. Marcus holds more of the farmland and its income. Nadia holds most of the art, so the collection stays together.
To fund costs, the family sold a 20% stake in the farmland SPV to verified investors for $5.7M, and arranged a credit line against art interests with a licensed lending partner. No asset was sold whole.
The record stays live: re-appraisals, custody checks for the art and cars, insurance renewals through the platform's insurance partners, and a log of every transfer.
Walter's remaining interests pass under the plan with the record attached, so the family and its advisors start from documented facts instead of a search through filing cabinets.
The division
How each asset group is held once the plan is complete, as a share of that group's SPV.
| Asset group | Appraised | Elena | Marcus | Nadia | Grandchildren's trust | Outside investors |
|---|---|---|---|---|---|---|
| Apartment complex, Phoenix | $64.0M | 45% | 20% | 10% | 25% | · |
| Farmland, Iowa | $28.5M | 20% | 30% | 10% | 20% | 20% |
| Art collection, 14 works | $41.0M | 10% | 10% | 55% | 25% | · |
| Classic cars, 9 vehicles | $6.5M | 34% | 33% | 33% | · | · |
Elena runs the property business, Marcus lives abroad and wanted income, and Nadia, a painter, wanted the collection kept together. The grandchildren's trust is the IDGT. Fictional figures.
The outcome
Honest about the limits
Plans can be challenged. Tax authorities can question values and structures. Independent appraisals on the record help, but do not remove that risk.
Values move. The estate may be worth more or less when it passes than when the plan was made.
Liquidity has limits. Minority stakes and credit lines depend on willing buyers and lenders, and on market conditions.
Families can still disagree. A clear record reduces disputes but cannot settle every one.
The structures in this case study were chosen for the illustration. Whether any of them suits a family depends on its circumstances and on advice from its own attorneys and tax advisors. None of this is legal, tax or financial advice. See our full risks and disclosures.
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