Beneficiary Designation Review

Business justification

Estate planning costs for business owners are generally personal expenses and not deductible. However, certain business-related estate planning (buy-sell agreements, business succession structures) may be deductible as ordinary business expenses under IRC §162. Trust administration fees may be deductible. Life insurance premiums for buy-sell funding are typically not deductible, but death benefits are tax-free. Consult a tax professional for specific situations.