After the U.S. Supreme Court ruling in Connelly v. United States, owners of private, closely held businesses might need to update their plans and strategies for succession planning. In his latest article, Tyler Chaplin, CPA helps explain what businesses should be considering.
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The Supreme Court’s Connelly v. United States decision changes estate planning and business succession strategies. Read our latest blog written by Chris Rice, CFP®, CPA-PFS, MBA to learn more!
Important Update: Supreme Court Decision on Buy-Sell Agreements and Estate Planning - McConkey Insurance & Benefits
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Estate planning for family-owned businesses can be complex, especially when planning for unexpected events like the death of a family member. Our latest blog post talks about the Supreme Court case Connelly v. United States, offering crucial insights and considerations for ensuring business continuity and minimizing estate tax impacts. Don't miss out on these valuable estate planning tips! #EstatePlanning #NewBlog #ContinuingEducation #Attorney
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Calling all business owners, you will want to read this article that dissects the Supreme Court ruling that clarifies the tax treatment of insurance proceeds designed to fund an ownership buyout among partners. Our KPB team has the expertise available to help you plan around changing legislation. #iamkey
Connelly vs. United States: High Court’s Decision Complicates Succession Planning for Closely Held Businesses | Key Private Bank
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If you are a business owner, now is the time to review your Buy Sell Agreement. Major changes could be headed your way after this new court ruling! Message me for more information and how to get a Free Business Buy Sell overview.
If you are a business owner, now is the time to review your Buy Sell Agreement. Major changes could be headed your way after this new court ruling! Message us for more information and how to get a Free Business Buy Sell overview. https://lnkd.in/gGHwJ58Q
Supreme Court Upholds Connelly: What It Means For Business Owners
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Jack's point about reviewing Buy Sell agreements is absolutely worth a read. If you have any questions about the article, or have clients with a Buy/Sell that you think should be reviewed, let me know and our team will be happy to conduct a complimentary review. #estateplanning #lifeinsurance #taxplanning
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The recent Supreme Court case Connelly v. IRS highlights the importance of well-structured and properly-funded buy-sell agreements for business owners to avoid unexpected estate tax liabilities. For advisors who work with business owners, this is a critical touchpoint with your clients, taking the time to ensure their buy-sell arrangements are up-to-date and adequately funded to protect their business interests. I recently wrote about this in ThinkAdvisor. Check out the full piece here: https://lnkd.in/e8w_fnjB
Connelly v. IRS Makes Buy-Sell Agreements More Important | ThinkAdvisor
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The recent Supreme Court ruling in IRS v. Connelly (2024) has significant implications for estate planning, especially for owners of closely held businesses. The Court sided with the IRS, determining that a corporation's obligation to redeem shares doesn't reduce the company's value for estate tax purposes. This decision highlights the necessity of meticulous estate planning beyond just having a buy-sell agreement funded by life insurance. Key Strategies to Consider: ✅ Formal Valuation - Obtain a formal appraisal to ensure fair valuation. ✅ Cross-Share Agreements - These can be used to avoid complications by keeping insurance proceeds out of estate tax calculations. ✅ Life Insurance Placement - Hold life insurance outside the estate to prevent inclusion in taxable assets. Own a closely held business? Reach out to us to explore strategies to minimize your estate tax liability and ensure a smooth succession plan. Let’s make sure you’re prepared and protected. 🚨ALWAYS A FREE INITIAL CONSULTATION AT MY LAW FIRM. 📌GREGG S HARRISON, ATTORNEY AT LAW PLLC TEXT/CALL/CELL: 832-797-7600 CALL OFFICE: 281-929-0110
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Discover how a recent Supreme Court ruling might impact your business owner clients' estate and succession planning. Stay informed with valuable insights from the Small Business Legal Center at the National Federation of Independent Business. Learn more at https://okt.to/qTS3kM. #SupremeCourt #BusinessOwners #EstatePlanning #SuccessionPlanning #LegalAdvice
How a New Supreme Court Ruling Could Affect Business Owner Clients | ThinkAdvisor
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Discover how a recent Supreme Court ruling might impact your business owner clients' estate and succession planning. Stay informed with valuable insights from the Small Business Legal Center at the National Federation of Independent Business. Learn more at https://okt.to/HORPx2. #SupremeCourt #BusinessOwners #EstatePlanning #SuccessionPlanning #LegalAdvice
How a New Supreme Court Ruling Could Affect Business Owner Clients | ThinkAdvisor
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Why Business Owners Should Review Their Buy-Sell Agreements Note: A recent tax case now before the U.S. Supreme Court hasn’t gone well for a small business, highlighting the need for businesses using a similar (and typical) succession planning arrangement to take a look at theirs. https://lnkd.in/es68cinX #smallbusiness #taxplanning #successionplanning #personalfinance #moneymangement
Why Business Owners Should Review Their Buy-Sell Agreements
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The U.S. Supreme Court has made a significant decision that will impact the structuring of buy-sell agreements for closely held companies. Find out what this means for your business and its owners. #lifeinsurance #riskmanagement #businessrisk
The U.S. Supreme Court Has Just Changed Buy-Sell Agreements For Years to Come: Will Your Company and its Owners be Impacted?
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