On June 6, 2024, the Supreme Court held 9-to-0 in Connelly v. United States that company-owned life insurance increases the company’s fair market value for estate tax purposes, and the company’s obligation to redeem a...more
The Supreme Court’s recent decision in Thomas A. Connelly et al. v. United States has significant implications for certain closely held business owners. The decision is important especially for those with, or planning to buy,...more
On June 6, 2024, the Supreme Court unanimously decided the case of Connelly v. United States, which concerned the valuation of a business with company-owned life insurance. In this case, two brothers were the sole...more
In the recent case, Connelly v. United States, 602 U.S. (2024) (slip op.) the U.S. Supreme Court unanimously ruled that life insurance proceeds received by a closely held corporation which is used to fund the redemption of a...more
Amidst many recent sharply divided decisions, the United States Supreme Court (SCOTUS) on June 6, 2024 issued a rare unanimous ruling in Connelly v. United States, which addressed estate tax considerations relative to...more
On June 6, 2024, in the case of Connelly v. United States, the United States Supreme Court determined that corporate-owned life insurance proceeds used to redeem a decedent’s shares in the corporation must be included when...more
On June 6, 2024, the United States Supreme Court issued its opinion regarding Connelly, as Executor of the Estate of Connelly v. United States. This final decision will directly impact all closely held business owners that...more
The Supreme Court of the United States issued an important ruling on June 6, 2024, clarifying the federal tax consequences of certain succession plans for closely held businesses. The Court held in Connelly v. United States,...more
Connelly v. United States involved determining the fair market value of a closely-held corporation for purposes of estate taxation. A corporation, owned by two brothers, was obligated to buy back the shares of the first to...more
In Connelly v. US, 602 US ___ (6/6/2024), the US Supreme Court affirmed a decision of the US Court of Appeals for the Eighth Circuit in favor of the government concerning the estate tax treatment of life insurance proceeds...more
All U.S. closely held businesses just received a warning from the highest court in the land that they should review their succession plans (or else risk a higher tax bill for the estates of their owners). On June 6, 2024, the...more
There is much to commend in O’Brien, Proposing a Model Antilapse Clause, 48 ACTEC L. J. 257 (2023), particularly its flagging of the doctrinal and practical flaws in Uniform Probate Code §2-707, which would apply the...more
Unknown to many Floridians, Florida enacted the Community Property Trust Act which went into effect on July 1, 2021, and established the ability to convert non-community property into community property. The community...more
Minnesota Passes Survivorship Bill, Expanding Justice for Victims of Medical Malpractice and Wrongful Death - On May 20, 2023, Minnesota became the last state to pass a Survivorship Bill, expanding the damages that...more
The issue of gifting comes up with some frequency in family law cases. Generally, gifts from third parties that are not subsequently commingled are exempt from equitable distribution. Parties also make gifts to children and...more
The Texas Commission on Human Rights Act (“TCHRA”) was enacted to “provide for the execution of the policies of Title VII of the Civil Rights Act of 1964 and its subsequent amendments.” Tex. Lab. Code § 21.001. Accordingly,...more
First, foremost, the case decided on October 12, 2022 is non-precedential, leaving the bench and bar to debate whether it matters.* But, the decision in Nally v. Nally, 163 EDA 2022 is going to make the real estate community...more
When William Shakespeare wrote “What’s mine is yours, and what is yours is mine,” he likely was not thinking about a blended family. Blending families offer a myriad of challenges, one of which is how the spouses’ assets will...more
Continuing the Smith and Alexander family saga, this blog focuses on the interesting and not-uncommon twist of Stevie Jenkins surfacing and believing to be half-siblings with Twyla and Randall. Tiffany Bentley’s blog last...more
In advising clients regarding the rights afforded to joint tenants on a bank account, most practitioners would say that the agreement with the financial institution generally would control, with the surviving joint tenant...more
On September 15, 2019, Ric Ocasek, singer, songwriter, and guitarist of The Cars, died in his Manhattan residence. He was found that morning by his wife, Paulina Porizkova, a supermodel and celebrity in her own right, as she...more
An account that is titled in your name and that of your child “with right of survivorship” passes to your child upon your death “by operation of law.” That is, your Will does not control the disposition of this account. When...more
One of the most common questions clients ask is whether they need a trust. While they are usually seeking a “yes” or “no” answer, as with most legal questions, the correct answer usually is, “It depends.” The answer depends...more
Since our last TCPA update at the end of August, the biggest news has obviously been the Marks v. Crunch case. But that was not the only meaningful case decided in the last month or so. Decisions continue to roll in on...more
A Telephone Consumer Protection Act (TCPA) claim survives the death of the plaintiff, the U.S. Court of Appeals, Sixth Circuit has ruled, declaring the statute is “remedial” in nature and not penal....more