In light of the connelly decision, exiting entity purchase buy-sell agreements should be reviewd and potentially changed to another form of buy-sell arrangement.

If a business owner's net worth does not raise to the level to trigger "death taxes", the owner may still want their documents reviewd to make sure the agreement reflects the intentions concerning whather the purchase price should or should not include the value of the life insurance proceeds.  Absent specific instrutions in the buy-sell agreement, a business appraiser may have to make the determination.  What the appraiser decides will almost certainly disappoint at least one side and my surprise both.

Exiting business  owned life insurance may either need to be repurposed or replaced.  It may not be possible to simply transfer existing life insurance without causing adverse income taxation.