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Category: CSBB Blog

Company-Owned Life Insurance Proceeds On Deceased Shareholder Are Included In Their Estate Tax Calculation: The United States Supreme Court Weighs In

June 10, 2024 Business Entities and Transactions

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…

IRS Releases 2024 Inflation-Adjusted Numbers

November 16, 2023 CSBB Blog

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 Basics

June 19, 2023 CSBB Blog

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…

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