In the Connelly case, the Eighth Circuit concluded that the proceeds of life insurance owned by the company had to be included in the value of the company on the deceased shareholder’s estate tax return valuation of the company despite the fact that the shareholder’s estate was paid less. However, the Blount case out of the Eleventh Circuit concluded differently. The Connelly case is currently on cert to the United States Supreme Court and is set to be argued soon. Given the result of that case will affect the final conclusions about structuring buy-sell agreements.
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Nebraska MCLE #267101, 1.0 CLE Hours (OnDemand credit)
In the Connelly case, the Eighth Circuit concluded that the proceeds of life insurance owned by the company had to be included in the value of the company on the deceased shareholder’s estate tax return valuation of the company despite the fact that the shareholder’s estate was paid less. However, the Blount case out of the Eleventh Circuit concluded differently. The Connelly case is currently on cert to the United States Supreme Court and is set to be argued soon. Given the result of that case will affect the final conclusions about structuring buy-sell agreements.
This presentation will review both cases and the considerations that impact business buy/sell planning.
Mary Vandenack, Duggan Bertsch LLC
Mary E. Vandenack, J.D., ACTEC, CAP®, COLPM®, ACTEC, Accredited Estate Planner® (Distinguished) is an expert in the areas of tax, business, high net worth estate planning, asset protection planning, business succession planning, tax dispute resolution and philanthropies. She shares her insight and knowledge with audiences across the U.S. through public speaking, writing, podcasts, and webinars. Mary is a partner at DUGGAN BERTSCH, LLC. And is the founder and host of Legal Visionaries.
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