Potential IRS layoffs and uncertain estate tax policies create a shifting landscape for estate planning. While enforcement may decline temporarily, tax laws evolve, and estate tax repeal remains uncertain. Prudent planning, including adherence to Adequate Disclosure Regulations, ensures long-term protection and stability. Staying proactive is key to navigating future changes.
The estate planning world is keenly focused on the SCOTUS decision in Connelly. Does the decision render entity-purchased life insurance useless, or at least, less useful than before? At the very least, in light of this ruling, every buy-sell agreement funded by life insurance should be reviewed by competent legal and tax counsel to ensure that the agreements operate as planned when triggered. For more information about the ruling, read Chris Mercer’s informative article.