Browsing: estate tax

The Tax Court ruled in favor of the taxpayer in Estate of Becker, reinforcing the effectiveness of Irrevocable Life Insurance Trusts (ILITs) when properly established. The decision clarifies the application of the ‘step transaction doctrine’ and highlights the importance of meticulous planning to avoid estate tax liabilities on life insurance proceeds.

How changes in tax policy could impact estate planning with a potential second Trump term.

The Supreme Court’s decision in *Connelly v. United States* clarifies the valuation of life insurance proceeds in estate tax calculations, impacting closely held corporations and their succession planning.

The Supreme Court’s decision in Connelly v. United States changes how life insurance proceeds affect estate tax valuation for businesses, potentially increasing tax liability and requiring businesses to re-evaluate their succession plans.