The recent decision of the U.S. Supreme Court in Connelly v. United States, U.S., No. 23-146, 6/6/24, has thrown an enormous monkey wrench into traditional buy-sell planning for closely held businesses. The Court held that the proceeds of life insurance on a deceased shareholder must be included in determining the…
Category: CSBB Blog
The Corporate Transparency Act (CTA) is a new law that requires certain businesses to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). A beneficial owner is someone who owns at least 25% of the business or has substantial control over it, such as a Manager, President, CEO,…
Certain key provisions of the Internal Revenue Code affecting estate planning are indexed each year for inflation. The new year brings in the following increases and estate planning opportunities for 2024. The lifetime gift and estate tax exclusion amounts have been increased from $12,920,000 to $13,610,000. The GST exemption amount…
IRS Releases 2024 Inflation-Adjusted Numbers A silver lining to our current high inflation environment is the IRS’s just-released inflation-adjusted numbers for 2024. Below are some notable highlights affecting various provisions in the Internal Revenue Code applicable for the 2024 tax year: The lifetime gift and estate tax exclusion amounts…
Transfer tax planning focuses on gift, estate, and generation-skipping transfer (“GST”) taxes, which are collectively referred to as “transfer taxes.” The base transfer tax exemption amount is $10,000,000 ($12,920,000 million for 2023, as indexed for inflation). Under current law, the base transfer tax exemption amount is set to reduce to…
