The federal estate and gift tax exemption changes from year to year. The current combined federal estate and gift tax exemption amount of $13.99 million per person ($27.98 million per married couple) is scheduled to “sunset”...more
1/16/2025
/ Estate Planning ,
Estate Tax ,
Federal Taxes ,
Gift Tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Tax Exemptions ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Tax Returns ,
Trusts
On June 6, 2024, in the case of Connelly v. United States, the United States Supreme Court determined that corporate-owned life insurance proceeds used to redeem a decedent’s shares in the corporation must be included when...more
6/26/2024
/ Business Succession ,
Buy-Sell Agreements ,
Closely Held Businesses ,
Connelly v United States ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
Internal Revenue Code (IRC) ,
IRS ,
Life Insurance ,
Redemption Agreement ,
SCOTUS ,
Shareholders ,
Small Business ,
Survivorship
President Biden’s proposed changes to the Internal Revenue Code, known as the American Families Plan, was unveiled at the end of April 2021. These changes are intended to accomplish three goals: (1) fund the government’s...more