The Supreme Court’s decision in Connelly v. United States has major implications for business owners using life insurance in buy-sell agreements. Discover how this ruling affects estate taxes, business valuations, and succession planning—and what steps you should take now to protect your interests.
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Posts for 'Brendan M. McGrory'
Attention: New Reporting Affects US Business Entities
On January 1, 2024, the US government began enforcing new rules requiring certain US business entities to report “Beneficial Ownership Information” (BOI) - information regarding the identities of the individuals who ultimately own and control the business entities –...
What You Need to Know About the Massachusetts Millionaires Tax
On November 8, 2022, Massachusetts voted to amend its state constitution and authorize the “Millionaires Tax”. As a result, Massachusetts taxpayers who receive more than $1 million in taxable income in a year will be subject to an additional 4% tax on income in excess...
“Use It or Lose It”: Making the Most of Your Estate Tax Exemption
Overview On November 2, 2017, in an unprecedented gesture of fiscal generosity, Congress passed the Tax Cuts and Jobs Act and increased the federal unified gift and estate tax exemption (“federal exemption” or “exemption”) from $5.49 million to $11.18 million and...
“Use It or Lose It”: Making the Most of Your Estate Tax Exemption
Overview In an unprecedented gesture of fiscal generosity, Congress passed the Tax Cuts and Jobs Act on November 2, 2017, and increased the federal estate and gift tax exemption from $5.49 million to $11.18 million. Subsequent inflationary adjustments have increased...
Should I Select a Family Member to Serve as Trustee?
One of the most important decisions a client will be faced with during the estate planning process is whom to nominate to serve as trustee of his or her trust. The trustee will control the manner in which trust assets are used to support the beneficiaries of the trust...
Trust and Estate Planning for Real Estate
When clients come into our office to discuss estate planning, they typically have two primary concerns: 1) maximizing the amount of wealth they are able to pass on to descendants and/or loved ones; and 2) minimizing the potential for disagreements and disputes among...
“Use It or Lose It”: Making the Most of Your Estate Tax Exemption
OverviewIn an unprecedented gesture of fiscal generosity, Congress passed the Tax Cuts and Jobs Act on November 2, 2017, and increased the federal estate and gift tax exemption from $5.49 million to $11.18 million. Subsequent inflationary adjustments have increased...
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