Succession planning for closely held business owners has always carried estate tax risks, but the Supreme Court's 2024 decision in Connelly v. United States has made those risks more costly (to the ...

In a unanimous decision, the Supreme Court ruled for the IRS and against a taxpayer arguing that life insurance proceeds reduced the value of a family business for estate tax purposes. In the life ...

Discover how apportionment divides losses among insurers, real estate expenses, and financial responsibilities. Learn ...

A recent case demonstrates the impact that a stock-purchase agreement and life insurance can have (or not have) on the valuation of a closely held company for estate tax purposes. Before diving into ...

The U.S. Supreme Court will decide a case this term that presents a crucial question regarding the estate tax treatment of life insurance proceeds received by a closely held business and its ...

There still seems to be a misunderstanding among some farmers about the tax deferability of crop insurance proceeds. I have seen several comments recently on social media by farmers communicating with ...

Life insurance proceeds, typically paid directly to a beneficiary, are not generally subject to income tax as they're seen as reimbursement for a loss. However, exceptions do exist. For instance, if ...