2023-08-02 14:00News

IRS Seizes the Cello

The responsible thing for business partners to do is fund a buy-sell agreement with life insurance, so as to create ready cash for the deceased partner’s estate.  Unfortunately, when the company owns the insurance policy, the proceeds may be counted in valuing the firm, boosting its estate taxable value and the taxes due.  For details on a recent case in this area, see this quarterly issue of TI-TRUST, Inc's Estate Planning Briefs.


 Also in this issue:

Put the IRS on notice

• SECURE 2.0 technical corrections coming

• Guess who’s coming to dinner

• Nothing is immune from seizure

• At the IRS, whistleblowers come in two categories


When in need of fiduciary services, please keep TI-TRUST, Inc. in mind.

Read the 2023 Second Quarter Brief Here

About TI-TRUST, Inc.

TI-TRUST is a leading provider of fiduciary services for Employee Benefits, Personal Trust, and Farm Services. With solid core values and decades of proven commitment to high ethical standards, our experienced team of financial, legal, and administrative professionals is dedicated to earning and maintaining the trust and confidence of our clients. Founded more than sixty years ago in Quincy, Illinois, today, we have locations in five states and hold more than $16 billion in managed assets for individuals and institutions nationwide.


Larry Shepherd
Executive Vice President, Personal Trust
Larry Shepherd