Issue: Whether life insurance proceeds received by a corporation to fund redemption obligation should be considered in valuing a company. Held: Company’s contractual redemption obligation does not necessarily reduce the value of the company for federal estate tax purposes. Background: Brothers Michael and Thomas were the sole shareholders in Crown C Supply (the “Company”),…
POSTED IN: News, Trusts & Estates
On October 4, 2023, Governor Maura Healey ratified Bill H. 4104, doubling the Massachusetts estate tax exemption amount from $1 million to $2 million. Unlike the prior Massachusetts estate tax law, which imposed estate tax on the entire estate (not just the excess over $1 million), the new law taxes only the amount exceeding $2…
POSTED IN: Articles & Quotes, Trusts & Estates
