Talking Tax
How the Wealthy Are Prepping for an Estate Tax Clip
Jun 18, 2024
Wealthy taxpayers are preparing for a potential decrease in the estate tax exemption. Deloitte's Laura Hinson explains popular trust strategies. The recent Supreme Court decision will impact estate planning. Various trust options are explored for effective estate planning. Guidelines for managing trusts and adapting to changing tax laws are discussed.
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Quick takeaways
- Utilize trusts and maximize the temporary 2025 estate tax exemption for tax-free transfers.
- Supreme Court's Connelly v. United States decision impacts succession planning with life insurance valuation in family companies.
Deep dives
Impact of Supreme Court Decision on Succession Planning
The Supreme Court decision regarding the inclusion of life insurance payouts in the valuation of family companies post owner's death has major implications for succession planning. The decision highlighted the need to include life insurance values in company assessments, affecting buy-sell agreements. This may require adjustments such as increased life insurance amounts, altering ownership structures, or using promissory notes to ensure liquidity for redemptions.
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