From the imposition of transferee liability for estate taxes to actions arising from the misclassification of workers, we have seen significant developments in estate planning and business law. To ensure that you stay abreast of these legal changes, we have highlighted a few noteworthy developments and analyzed how they may impact your estate planning and business law practice.

A grantor retained annuity trust (GRAT) is an advanced estate planning tool used to reduce an individual’s taxable estate by passing assets to trust beneficiaries free of estate and gift tax. However, like any advanced estate planning tool, GRATs can be complicated and must be structured properly to be beneficial. Dive into the following questions and answers to develop a better understanding of how GRATs work and how they may be useful for estate planning clients.

Entrepreneurship is currently on the rise, largely driven by individuals who either are seeking to become their own boss or have decided to turn a passion into a full-fledged business. But how many of these small business owners have taken steps to protect the future of their businesses or have considered the legacy of their businesses after they die or retire? How many of them have included buy-sell agreements in their estate and business succession plans? When approached by business owners who wish to execute an estate plan, it is imperative that estate planning attorneys help these business owners take the necessary steps to protect the future of their businesses by ensuring that a well-drafted buy-sell agreement is a component of their plans.