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Business Entities Formed for Estate Planning Purposes Have FinCEN Filing Deadline of January 1, 2025

The Corporate Transparency Act (the “CTA”) imposes a new obligation on many business entities, including Limited Liability Companies, Limited Partnerships, and Corporations formed or registered to do business in the United...more

Supreme Court Issues Ruling Affecting Valuation of Closely Held Corporations Employing Life-Insurance-Funded Redemption-Type...

Improperly structured buy-sell agreements for closely held businesses will lead to an unexpected increase in the estate tax imposed on the estate of the deceased owner. The Supreme Court decision emphasizes the need for a...more

Estate Planning for the Business Owner Series, Part 5: Estate Planning and the M&A Process

Once the business owner is ready to sell the business, there will be considerable time and energy focused on that goal. The client may engage an investment banker or business broker to assist in the sale, along with dedicated...more

Estate Planning for the Business Owner Series, Part 4: Document the Transfer

Once a business owner has an understanding of the value of the business and the tax and cash flow impacts of the transfer, the next step is to document the transfer. This may be done by the client’s separate business legal...more

Estate Planning for the Business Owner Series, Part 3: Examples of Business Transfers and Valuations

The purpose of this post, part three of our “Estate Planning for the Business Owner” series, is to provide a sample using real numbers showing the impact and benefit of using closely held business interests in lifetime...more

Estate Planning for the Business Owner Series, Part 2: Valuing the Business

The value of an asset at the time of a transfer is the key component to the United States’ transfer tax system. Gratuitous transfers during lifetime are considered gifts, while transfers as a result of the death of the owner...more

Estate Planning for the Business Owner, Part 1: The Business Owner as a New Client

For most business owners, the business is the most valuable item on their balance sheet. From an estate planning perspective, the equity in the business is also often the best asset to use for lifetime transfers to pass value...more

Estate Planning Provisions of the New Tax Plan

On Monday, September 13, 2021, the House Ways & Means Committee released a draft tax plan which provides the clearest direction to date on how Democrats intend to use the estate and gift tax regimes to pay for part of the...more

Estate Planning in 2021 and Beyond: The Possible Impact of Democratic Control in Washington

The Democrats now have effective control over the presidency, the Senate, and the House, at least until the 2022 mid-term elections. These political realities, along with current economic conditions, make it more likely that...more

The Perfect Storm for Estate Planning Before Year End

The confluence of several factors—depreciated asset values caused by the COVID-19 pandemic’s effect on the economy, record-low interest rates, and record-high exemption amounts—have created a perhaps once-in-a-lifetime...more

Estate Planning under the New Tax Law

This client alert is part of a special series on the Tax Cuts and Jobs Act and related changes to the tax code, where Blank Rome’s lawyers share their analysis of different provisions in the Act and how they may affect you...more

Act Now to Avoid Proposed IRS Rules Which Would Eliminate Valuation Discounts for Intra-Family Transfers of Interests in Family...

Action Item: Owners of family businesses and investment entities (such as family limited partnerships, limited liability companies (“LLCs”), and corporations) are urged to consider making transfers of interests in those...more

Annual Estate Planning Newsletter: Part Six

Action Item: This is the sixth and final installment of our Annual Estate Planning Newsletter, and focuses on estate planning matters not related to tax planning. We urge you to review this installment to ensure that your...more

Annual Estate Planning Newsletter: Part Five

Action Item: This is the fifth installment of our Annual Estate Planning Newsletter, and focuses on foreign matters. We urge you to review this installment to ensure that your 2016 estate and tax planning is in...more

Annual Estate Planning Newsletter: Part Four

Action Item: This is the fourth installment of our Annual Estate Planning Newsletter, and focuses on matters of interest to married couples. We urge you to review this installment to ensure that your 2016 estate and tax...more

Annual Estate Planning Newsletter: Part Three

Action Item: This is the third installment of our Annual Estate Planning Letter, and covers some topics of interest not discussed in our previous installments. We urge you to review this installment to ensure that your 2016...more

Annual Estate Planning Newsletter: Part Two

Action Item: This is the second installment of our Annual Estate Planning Newsletter, and focuses on specific gift and generation-skipping transfer ("GST") tax matters. We urge you to review this installment to ensure that...more

Congress Passes Protecting Americans from Tax Hikes (Path) Act of 2015, Making Many Tax Extenders Permanent

Action Item: The recently enacted PATH Act contains key tax provisions for businesses and individuals alike, including permanently expanding Section 179 of the Internal Revenue Code; extending the availability of...more

Annual Estate Planning Newsletter: Part One

Action Item: This year, Blank Rome’s annual estate planning newsletter will be issued in six installments. Each installment will discuss certain concepts and techniques that we hope may be of interest to our clients and...more

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