Credit: Lumeez Ismail/peopleimages.com/Adobe Stock What You Need to Know About the Corporate Transparency Act
"While the goal of the Corporate Transparency Act is an important one, the Act introduces major hurdles from an estate planning perspective," according to Dena B. Guttmann, an associate with CSG Law.
March 19, 2024 at 09:00 AM
8 minute read
Trusts and Estates
Ultra-high net worth individuals are constantly seeking privacy within their estate planning. Prior to Jan. 1, 2024, they could preserve their anonymity by creating various domestic and foreign legal entities. Individuals would choose a name unrelated to their own for their entity, and the members of such an entity would remain anonymous. However, these practices have changed with the introduction of a new federal law called the Corporate Transparency Act (the Act). 31 U.S.C. Section 5336, 31 C.F.R. Section 1010.380.
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