Is this a good time to make gifts?

Lance S. Hall (cofounder and president of FMV Opinions) has written an article entitled Gift Now! Take Advantage of the Volatility!, Wealth Strategy J., Feb. 17, 2009.

Here is a summary of the article:

Because of the extreme volatility in the market, now is the perfect time to make gifts of restricted assets. When one makes a gift of assets that are restricted, there is an associated tax discount for the lack of control. The idea is that a minority interest in something has a lower market value since the right to control is a value in itself. There is a bill being proposed that will eliminate this discount. Along with the condition of the markets, this is why now is the time to make these types of gifts.