The importance of buy-sell agreements
The importance of buy-sell agreements
By Patricia M. Annino, JD, LL.M.
All owners of an enterprise who share ownership of assets (and hopefully the visions and values that created them) are connected emotionally and financially to all other members of the enterprise. In
a “common wealth” system, every action has a reaction. A shock to any part of the system reverberates through the entire system.
Previous Newsletters
4th Quarter 2022 Newsletter
Tax loss harvesting may reduce the pain of stock market losses.
By Eva Stark, JD, LL.M.
An increasing number of stock-market investors are seeing significant losses in their taxable brokerage accounts. While losses can be painful, potential tax breaks for losses may reduce the economic cost of a loss, as long as the common traps and pitfalls discussed in this article are avoided.
Revised RMD tables enhance tax-deferral opportunities in retirement savings plans.
By Randolph Buchanan, JD, CPA, LL.M.
The release of the highly anticipated revised RMD tables combined with the recent passage of the original SECURE Act and the likely passage of “SECURE 2.0” has raised many questions on how the revised tables work in the context of the new retirement planning legislation. Addressing these questions can identify new planning opportunities for additional tax deferral.
SALT cap work-arounds for pass-through entities can decrease individual taxes.
By Michelle M. Kenyon, JD, CLU®
An Individual owner of a business organized as a pass-through entity may be able to reduce his or her federal income tax liability with a work-around that allows a greater deduction of state and local taxes.
3rd Quarter 2022 Newsletter
Three reasons why periodic reviews of estate planning documents are important.
Clients are often unsure how frequently their estate plans may need to be reevaluated and updated. In this article, you’ll read about three common scenarios that should trigger a review of an estate plan and the reasons why periodic updates are critical to achieving a client’s estate planning goals.
Planning for art collections: Rules and tax considerations.
Art can be a fickle and illiquid asset, and people who collect it tend to have a significant investment – both emotional and financial – in their collections. One in three high income earners collect art, but nearly two-thirds of those have not integrated their collections into their overall wealth strategy or even discussed the impact on their estate plans with their advisers. In this article from estate planning attorney Patricia Annino, you’ll learn why planning for that one family heirloom piece – or an entire art collection – requires careful thought and an understanding of the rules that apply to works of art.
Connelly v. U.S. decision allows proceeds of corporate-owned life insurance to be included in estate tax value of shares.
Using life insurance proceeds to purchase interest in a business entity under a buy-sell agreement is a very common practice, but as Bessemer Trust’s managing director, Steve Akers, explains in this article, the Connelly ruling has added a new twist for clients and planners to consider: Must corporate-owned life insurance be considered in valuing a decedent’s shares subject to a corporate purchase provision in a buy-sell agreement?