Owners of closely held businesses have long sought ways to buy the interest of an owner who dies. They also have sought ways to enjoy the business' success financially while avoiding estate tax upon their death. A new private letter ruling obtained for my client (at press time, it had yet to be assigned a number) approves a creative life insurance funding mechanism to fund the purchase and continues to facilitate the use of trusts to obtain these estate-planning goals. This is the first time
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