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Estate Planning › Estate Tax › Business Succession

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the... more +
Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process.  less -
Husch Blackwell LLP

Unanimous Supreme Court Determines Company-Owned Life Insurance Increases Fair Market Value

Husch Blackwell LLP on

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

Venable LLP

Whose Value Is It, Anyway?

Venable LLP on

On June 6, 2024, the U.S. Supreme Court issued a unanimous decision in Connelly v. United States affecting the valuation of closely held businesses for estate tax purposes. The Court explained that, for purposes of federal...more

Tucker Arensberg, P.C.

Business Owner's Guide: Use of Life Insurance for Buyouts

Tucker Arensberg, P.C. on

It is typical to have provisions in the governing documents for your company which contemplate the death and buyout of the owners. Most often, those buyout obligations are funded by the purchase of a life insurance policy on...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

Supreme Court's Connelly Decision Significantly Impacts Business Succession Planning

Tannenbaum Helpern Syracuse & Hirschtritt LLP on

On June 6, 2024, the U.S. Supreme Court issued a pivotal decision in Connelly v. United States, affecting how life insurance proceeds are treated in buy-sell agreements for closely held corporations. The ruling states that...more

Bressler, Amery & Ross, P.C.

Adverse Estate Tax Impact when a Redemption Agreement is used to Purchase Deceased Shareholder’s Shares

Bressler, Amery & Ross, P.C. on

In the recent case, Connelly v. United States, 602 U.S. (2024) (slip op.) the U.S. Supreme Court unanimously ruled that life insurance proceeds received by a closely held corporation which is used to fund the redemption of a...more

Lewis Roca

Supreme Court Clarifies Shareholder Agreement Valuations for Estate Tax Purposes in Connelly v. United States

Lewis Roca on

Many co-owners of closely held businesses will employ life insurance as a tool for funding the transfer of ownership in the business upon the death or retirement of an owner. In these cases, planning involves the use of...more

Bond Schoeneck & King PLLC

Life Insurance and Tax Implications

Bond Schoeneck & King PLLC on

Amidst many recent sharply divided decisions, the United States Supreme Court (SCOTUS) on June 6, 2024 issued a rare unanimous ruling in Connelly v. United States, which addressed estate tax considerations relative to...more

Baker Donelson

Supreme Court Upholds Life Insurance Valuation in Estate Tax Calculation

Baker Donelson on

The United States Supreme Court (Supreme Court) released the Connelly v. United States opinion on June 6, 2024. The opinion affirmed the Eighth Circuit's holding in favor of the IRS that a company's contractual redemption...more

Rivkin Radler LLP

BEWARE: Redemption Agreement Funded with Corporate-Owned Life Insurance

Rivkin Radler LLP on

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

Warner Norcross + Judd

Connelly v. United States Decision Affects Life Insurance for Closely Held Business Owners

Warner Norcross + Judd on

On June 6, 2024, the United States Supreme Court issued its opinion regarding Connelly, as Executor of the Estate of Connelly v. United States. This final decision will directly impact all closely held business owners that...more

Kohrman Jackson & Krantz LLP

The Role of AI in Estate Planning: Benefits and Limitations

Kohrman Jackson & Krantz LLP on

As AI increasingly becomes part of our everyday lives, individuals and families are exploring the use of AI programs to prepare estate plans. The answer to whether AI can be used for this purpose is, of course, yes. AI...more

Mayer Brown

Closely-Held Corporation Buy-Sell Arrangements Upended by Supreme Court in Estate of Connelly

Mayer Brown on

The Supreme Court has just weighed in on how gift and estate taxes apply with respect to non-cash gifts in Estate of Connelly v. United States. The Court’s opinion closely follows the economics of such arrangements, but...more

Perkins Coie

Supreme Court Clarifies Estate Tax Consequences for Closely Held Company

Perkins Coie on

The Supreme Court of the United States issued an important ruling on June 6, 2024, clarifying the federal tax consequences of certain succession plans for closely held businesses. The Court held in Connelly v. United States,...more

Burns & Levinson LLP

Client Advisory: Valuing Closely-Held Stock for Estate Tax Purposes | Connelly v. U.S.

Burns & Levinson LLP on

Connelly v. United States involved determining the fair market value of a closely-held corporation for purposes of estate taxation. A corporation, owned by two brothers, was obligated to buy back the shares of the first to...more

ArentFox Schiff

US Supreme Court Affirms the Eighth Circuit’s Decision in Favor of the Government Concerning the Estate Tax Treatment of Life...

ArentFox Schiff on

In Connelly v. US, 602 US ___ (6/6/2024), the US Supreme Court affirmed a decision of the US Court of Appeals for the Eighth Circuit in favor of the government concerning the estate tax treatment of life insurance proceeds...more

DarrowEverett LLP

Buy, Sell, Pay Taxes: SCOTUS Decision Places Its Own Premium on Buy-Sell Insurance

DarrowEverett LLP on

All U.S. closely held businesses just received a warning from the highest court in the land that they should review their succession plans (or else risk a higher tax bill for the estates of their owners). On June 6, 2024, the...more

Allen Barron, Inc.

Estate Planning for Business Owners

Allen Barron, Inc. on

What are some of the fundamental issues when estate planning for business owners? Why should every business owner have an estate plan? What are some of the primary issues to address in an effective estate plan for those who...more

Blank Rome LLP

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

Blank Rome LLP on

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

Katten Muchin Rosenman LLP

Keep It in the Family: Three Tips for Preserving Family Business Interests

Katten Muchin Rosenman LLP on

As a family business owner, are you missing out on valuable estate and wealth transfer planning opportunities or jeopardizing your current plan altogether? Katten recently hosted a program that addressed common concerns,...more

Cole Schotz

Business Succession Planning – Should I Own My Business In A Trust?

Cole Schotz on

Closely-held businesses come in all shapes and sizes. Some owners own 100% of their businesses. Some have partners. Some have children in the business. Some do not. A common question that a client asks the business and...more

Gray Reed

Family Matters: Can a Family Business Succeed Without Maximum Valuation and Sound Estate Planning

Gray Reed on

Struggling these last several months with the family dynamics and dilemmas of transitioning his family business to the next generation, Big Daddy Ernest Bux, 65, now turns to ordinary, practical considerations. What are...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - February/March 2019

Adler Pollock & Sheehan P.C. on

In This Issue: - Time passages: Estate planning through the years - Basis consistency rules come into play when inheriting property - Estate tax laws continue to change; so should your plan - ESTATE PLANNING...more

Ward and Smith, P.A.

What Could Go Wrong? The Importance of Business Succession Planning

Ward and Smith, P.A. on

Most business owners expect that their company will continue to operate after they stop working. However, successfully transitioning control of a business rarely occurs without thoughtful planning. Consideration must be...more

McNees Wallace & Nurick LLC

Estate Planning for Millennials and the “Middle Class”

McNees Wallace & Nurick LLC on

With all the changes in the new tax laws, some people may be hesitant to move forward with an estate plan. It is important, however, to keep in mind that most clients will not be subject to the federal estate tax and...more

Downey Brand LLP

Tax Law Uncertainty Should Not Delay Farming Business Succession Planning

Downey Brand LLP on

President Trump promised and will pursue tax reform, but Congress must agree to any proposal. For the most part, a majority vote in both houses would allow tax reform for about a decade, and at least sixty Senate votes would...more

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