Succession planning for businesses has come into sharp focus following the Supreme Court's ruling in the Connelly v. US case. The ruling highlights the need for business owners to ensure that their succession plans are current and account for the complexities of business growth and evolving tax laws, writes Paul Saganey of Integrated Partners. Saganey urges regular reviews of these plans to prevent financial and legal pitfalls and to secure the legacy and future of a business.

Attorneys David Handler and Alison Lothes review recent developments in tax law, focusing on court cases with implications for intrafamily loans and qualified terminable interest property trusts.

Randy Fox of Two Hawks Consulting highlights the opportunity for wealth transfer during market downturns, as assets can be moved at lower values. Fox emphasizes the importance of advisors improving their estate planning knowledge to meet client expectations and build long-term relationships.

A study by YCharts and Nick Maggiulli of Ritholtz Wealth Management suggests that not rebalancing a portfolio might be the best strategy for overall performance. The study found that frequent rebalancing, whether quarterly or annually, tends to underperform due to transaction costs, taxes and moving assets into lower-performing sectors.

Market volatility can significantly impact the strategy for taking required minimum distributions from retirement accounts. In a down market, clients can draw RMDs from less risky assets such as bonds or cash to avoid locking in losses, write tax experts William Byrnes and Robert Bloink. Additionally, transferring depreciated securities to a taxable account or executing a Roth conversion can be beneficial strategies.

Debt is forcing many baby boomers and members of Generation X to delay retirement, according to surveys by National Debt Relief and Debt.com. National Debt Relief says 72% of the respondents have debt, with 45% carrying credit card balances averaging nearly $9,000. Debt.com says 37% of Americans rely on credit cards to make ends meet.