The world of estate planning is constantly evolving. Being aware of these developments is essential to staying ahead of the curve to protect your loved ones and legacies. In this article, we'll look into some of the emerging trends and factors that individuals should be aware of when thinking about their own estate plans.

On July 3, 2024, Judge Ada Brown of the U.S. District Court (Northern District of Texas) issued a decision that has sent some shockwaves through the American business landscape. In Ryan LLC v. FTC the court blocked a recent Federal Trade Commission (FTC) regulation that sought to ban worker noncompete contracts nationwide. This decision effectively maintains the status quo, allowing states to continue regulating noncompete agreements according to their own laws and precedents. Judge Brown said she intends to issue her substantive ruling by the end of August – prior to the date the rule was to go into effect.

The recent decision of the Supreme Court of the United States has significant implications for everyone who relies on life insurance to fund buy-sell agreements, a commonly used strategy for owners of closely held businesses. The Court's June 6, 2024 ruling in Thomas A. Connelly, as Executor of the Estate of Michael P. Connelly, Sr., Petitioner v. United States, highlights the urgency of individuals covered by buy-sell agreements and the companies that use them carefully reviewing and structuring these agreements to minimize potential estate tax liabilities for a deceased owner's estate and the companies' own financial obligations.