Abby McGowan Reviews U.S. Supreme Court Ruling that May Increase Estate Taxes for Business Owners

For the October 2024 issue of Blue Magazine, attorney Abby McGowan reviews a U.S. Supreme Court ruling that could increase estate taxes for those that own interest in a closely held company. The Supreme Court’s decision in Connelly v. United States emphasizes the significance of proactive planning and regular review of buy-sell agreements. As such, closely held business owners should review their current succession plan with their advisors to avoid inadvertently increasing the value of the company and potential estate taxes.

McGowan is an attorney in Reinhart’s Trusts and Estates Practice, where she advises clients on the complex issues surrounding trust, estate and fiduciary litigation, from compliance counseling and litigation prevention all the way through trial and appeal. She works collaboratively with clients and all involved parties in matters such as breach of trust, breach of fiduciary duty, undue influence, fiduciary removal and defense, as well as construction and reformation matters. McGowan regularly assists high-net-worth individuals and business owners with their estate planning, business succession planning, and tax-related needs.