The estate tax is currently 0% but will return Jan. 1, 2011 with a 55% rate and a $1 million exemption.
“The estate tax disproportionately
impacts small and family-owned busi-
nesses that serve local communities
and are the backbone of our econo-
my,” said Charles Symington, IIABA
senior vice president of government
affairs. “Without real permanent re-
lief, family-owned small businesses
are stalled when trying to plan ahead
and/or make important business de-
cisions about their futures. Many of
these businesses are asset-rich, yet
lack liquidity to pay estate taxes when
an owner passes away.”
Gowrie Group, Connecticut’s larg-
est independent insurance agency,
announced the launch of the compa-
ny’s new online hurricane and storm
center dedicated to severe weather
preparation.
The hurricane and tropical storm season, which runs from June 1 to Nov. 1, could possibly affect the areas in which Gowrie’s clients reside and operate.
■
Gowrie’s new webpage offers an array of interactive resources to help clients and the extended marine community best prepare, stay safe, and recover from the impacts of extreme windstorms and hurricanes. Resources offered on the webpage include: preparation how-to videos, detailed documents on protecting homes, boats, and businesses, a step-by-step guide for making a disaster supply kit, a slide show of Hurricane Ike destruction, and a link to information on hurricanes in New England.
Everyone in your company should be
■
In 2009, the IIABA and its coalition partners, more than 40 business trade associations that formed the Family Business Estate Tax Coalition, voiced their support for a similar bipartisan amendment sponsored by Senators Kyl and Lincoln that was passed by the Senate during consideration of the congressional budget.
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Commonwealth Automobile Reinsurers (CAR) recently alerted the Massachusetts insurance community of the death of Joseph J. Maher Jr., CAR’s vice president, general counsel and secretary.
According to Ralph Iannaco, CAR president, Maher worked at CAR for 28 years, providing valuable counsel to the Governing Committee, advisory committees, the industry and CAR staff.
■
“As an officer of the company, he played an integral role in the transformation of the Massachusetts Motor Vehicle Reinsurance Facility to the CAR pooling mechanism in the early 1980s, and more recently, in the transition to the Massachusetts Automobile Insurance Plan (MAIP),” said Iannaco. “Joe’s knowledge and professionalism has been a key to CAR’s success and his guidance will be sorely missed. All of us at CAR extend our deepest sympathies to Joe’s family and will forever cherish the memories we share of our friend and colleague.”
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