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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 8 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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Read&nbsp;Business Law Update&nbsp;to stay up to date on legal issues that impact public and private companies on a local, national and global basis. Articles in this issue include:

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Scheduled Reduction of Transfer Tax Exemptions in Sight, Future Tax Legislation Uncertain

The federal estate tax, gift tax, and generation-skipping transfer tax exemptions have increased to unprecedented levels since the enactment of the 2017 Tax Cuts and Jobs Act, but these enhanced exemption amounts are scheduled to expire at the end of 2025. While Congress may act to extend them, it’s prudent to continue planning to be ready if the exemption amounts decrease as of January 1, 2026. <a href="https://www.thompsonhine.com/insights/scheduled-reduction-of-transfer-tax-exemptions-in-sight-future-tax-legislation-uncertain/" target="_blank" rel="noreferrer noopener">Read more.</a>

Life Insurance-funded Succession of Closely Held Businesses After Connelly

The Supreme Court unanimously ruled in favor of the IRS in Connelly v. United States, holding that company-owned life insurance acquired to fund a redemption obligation arising upon the death of an owner must be included in the value of the business and is not offset by a liability equal to the obligation to redeem the interests of the deceased owner. In doing so, the Court upended a planning structure business owners and practitioners alike believed was long settled. However, life insurance remains a key element of succession planning. <a href="https://www.thompsonhine.com/insights/life-insurance-funded-succession-of-closely-held-businesses-after-connelly/" target="_blank" rel="noreferrer noopener">Continue reading.</a>

The NFL Dips Its Cleats into Pooled Investment Vehicles

Last August, the National Football League approved new ownership rules that allow private equity funds to purchase minority stakes in NFL franchises. Private equity firms are particularly attracted to professional sports investments because of the steady growth in team valuations, maxed-out media rights deals, and the unwavering popularity of sports across the globe. <a href="https://www.thompsonhine.com/insights/the-nfl-dips-its-cleats-into-pooled-investment-vehicles/" target="_blank" rel="noreferrer noopener">Read more.</a>

Businesses with corporate art collections and other collectors should consider insurance a critical element of any art transaction. Insurance obligations are not automatically provided for by law and should be explicitly addressed when negotiating sales, loans and consignments. <a href="https://www.thompsonhine.com/insights/insurance-issues-in-art-transactions/" target="_blank" rel="noreferrer noopener">Continue reading.</a>

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Business Law Update – January 2025

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