Why Small Business Owners Should Review Their Buy-Sell Agreements
A recent tax case has highlighted the need for businesses using a similar succession planning arrangement to look at theirs.
Estate Taxes
Estate Planning Tips: Avoid the Mistakes of Aretha and Prince
Prince died in 2016 without a will, leaving his would-be heirs to battle for six years before reaching a settlement in August 2022 on how to divide his $156 million estate. Charities he supported during his life lost out.
IRS Quietly Changed the Rules on Inheritance Taxes
No more step-up in basis for property held in an irrevocable trust "that is not included in the taxable estate at death."
AICPA Recommends Changes to IRS Form 706-GS (D-1)
Form 706-GS(D-1) is used by trustees to report certain distributions from a trust that are subject to the generation-skipping transfer tax (GSTT).