On June 6, 2024, the Supreme Court held 9-to-0 in Connelly v. United States that company-owned life insurance increases the company’s fair market value for estate tax purposes, and the company’s obligation to redeem a...more
8/23/2024
/ Beneficiaries ,
Business Ownership ,
Business Succession ,
Buy-Sell Agreements ,
Closely Held Businesses ,
Connelly v United States ,
Death Benefits ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
Federal Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Life Insurance ,
Limited Liability Company (LLC) ,
Redemption Agreement ,
SCOTUS ,
Shareholders ,
Small Business ,
Survivorship
As its name implies, an irrevocable trust cannot be revoked by the person who establishes the trust. Typically, an irrevocable trust also cannot be changed by a trustee or beneficiary. The irrevocable nature makes the trust a...more
Key points
•On Wednesday, September 15, The House Ways and Means Committee advanced a proposal for a $2.1 trillion tax increase.
•The proposal could drastically change the gift and estate tax treatment of new...more