Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning 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. 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.
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Do You Want to Discuss Dynasty Trusts?
Dynasty Trusts present a great opportunity to pass significant wealth on to future generations. If structured properly, the assets of a Dynasty Trust pass with minimal gift, estate or generation-skipping transfer tax consequences. As we approach the sunset of the temporarily doubled Applicable Exclusion Amount, practitioners and clients should consider whether a Dynasty Trust makes sense for them.
There’s No Better Way to Say “I’ll Be There for You” than with an Estate Plan
Matthew Perry died at the end of 2023. While it seems unlikely that Matthew’s estate will end up embroiled in a court battle as we see with other celebrity estates, that doesn’t mean that we can’t learn anything from his death and Estate Plan.
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