Some attorneys decide to practice estate planning right after graduating from law school. Others practice in other areas, only to become curious about transitioning fully or partially into estate planning. Most attorneys who make this transition feel great satisfaction and little or no regret about making this career shift. There are many reasons why estate planning is such a rewarding practice area and many additional reasons why now could be the ideal time to make the switch.

From a US Supreme Court decision that proceeds of life insurance purchased by a closely-held corporation to redeem a deceased owner’s shares must be reflected in the fair market value of the corporation for estate tax purposes, to the Texas Supreme Court’s decision requiring prior occupancy for a home to be excluded from countable resources for Medicaid eligibility and a US Supreme Court case ruling that the Federal Arbitration Act requires a stay, not dismissal, of suits pending arbitration, we have recently seen significant legal developments.

By Donald P. DiCarlo Jr. and Matthew T. Lee

Much has been written recently about rising interest rates and the impact it can have on various wealth and tax planning strategies. For the closely held business owner who is interested in selling their business—which is often their most valuable and prized asset—it is important for advisors to understand how interest rates might affect the exit plan.