On June 6, 2024, the Supreme Court of the United States ruled that life-insurance proceeds required to be used to redeem stock of a deceased shareholder must be included in the value of the company for purposes of determining the deceased shareholder’s gross estate.
On May 3, 2024, the Treasury Department finalized regulations for the extension of time to make certain elections pertaining to the Generation Skipping Tax (GST) including elections for exemption allocations under section 2642(g).
Since 2016 the Financial Crimes Network of the Treasury Department (“FinCEN”) has issued orders requiring title insurance companies to report certain non-financed residential real estate transactions to entities and trusts above a certain price threshold. These “Residential Real Estate Geographic Targeting Orders” or “GTOs” are limited to certain locations in the United States.