The beneficial ownership reporting requirements of the Corporate Transparency Act (“CTA”) became effective on January 1, 2024.  The CTA will require corporations, limited liability companies, limited partnerships, and other similar entities to disclose beneficial ownership information to FinCEN, as FinCEN tries to increase transparency in its efforts to combat money laundering and other illicit financial activities. This presentation addresses what estate planners should know to help advise clients with entities to determine their reporting obligations, including which entities are reporting companies, who are beneficial owners, what beneficial ownership information needs to be reported, and what the implications are for trusts.

Learning Objectives:

• How to determine whether an entity is a reporting company
• How to determine who are beneficial owners
• What the implications are for trusts and the issues where additional guidance is still needed
• What the current case law is regarding the constitutionality of the CTA and how to advise clients while the constitutionality of the CTA is being challenged