New Reporting Requirements for Estate Planning Clients with Business Entities: Are You Ready?
Estate and business planning attorneys should advise many business-owning clients that they must soon comply with new federal reporting requirements. Congress passed the Corporate Transparency Act (CTA) as part of the National Defense Authorization Act on January 1, 2021. The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a final rule on September 29, 2022, to implement the CTA’s reporting requirements. The effective date of the final rule is January 1, 2024. The 2022 final rule specified that entities that are reporting companies under the CTA formed on or after that date must file an initial report within 30 days of their formation; however, a new proposed rule was recently released that would allow 90 days for the initial report for entities formed in 2024. Existing entities will be required to report by January 1, 2025. The CTA will affect anyone with an entity, any planner who has clients with an entity, and any planner who uses entities within their estate plans.
In this webinar, Gary L. Fletcher, Esq. will provide an overview of the CTA, including the entities and individuals required to provide beneficial ownership information (including trusts that are beneficial owners) and company applicant information; the steps that attorneys should advise clients to take to ensure initial and ongoing compliance; penalties for noncompliance; provisions that should be included in operating agreements and trust documents; and what should be spelled out in attorneys’ engagement agreements.
Presented by: Gary L. Fletcher
CLE: 1.0 general credit
Approved States: AR, CA, CO, GA, IL, NJ, NV, NY, OK, PA, TN, UT, VT
(AK, AZ, CT, ND, NH, TX eligible to claim credit. MO eligible to claim general credit only.)
We will supply you with the information needed to apply in other states.
Contact shopcle@wealthcounsel.com for CLE assistance.
WealthCounsel members: This CLE eligible program is complimentary for WealthCounsel members. Please access and view it here via the member website for optimal experience and inclusion in your CLE Profile Account.
