As estate planning attorneys, we need to understand multiple issues. These range from taxes to asset protection, and our knowledge allows us to create a comprehensive estate plan that is tailored to your needs. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. On January 1, 2024, any company that qualifies as a “Reporting Company” needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting Company. Sounds dire, right? The provisions of the Corporate Transparency Act are designed to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity. How might these provisions affect you?
We found a helpful article by our friend Tereina over at the AAEPA that goes into more detail. If you’d like to peruse it, please click this link.