Rebecca Rosenberger Smolen, left, and Amy Neifeld Shkedy, right, of Bala Law Group. Current Issues for Estate Planners: The CTA, Rising Interest Rates and More
There are a number of prominent issues on the horizon for estate planners this year. In this article, we provide a brief overview of some of those issues, including the Corporate Transparency Act, rising interest rates, Pennsylvania recognition of irrevocable grantor trusts, pandemic-related probate delays and upcoming scheduled sunset of the historically large federal gift and estate tax exemption.
February 27, 2024 at 12:19 PM
6 minute read
There are a number of prominent issues on the horizon for estate planners this year. In this article, we provide a brief overview of some of those issues, including the Corporate Transparency Act, rising interest rates, Pennsylvania recognition of irrevocable grantor trusts, pandemic-related probate delays and upcoming scheduled sunset of the historically large federal gift and estate tax exemption.
The Corporate Transparency Act (CTA) creates reporting requirements that must be fulfilled this year for the first time ever. It's not clear who will be taking the lead on satisfying the requirements, but, estate planners need to be mindful of them where their clients are business owners or have created business entities (other than a general partnership) to own investments such as real estate or securities. The purpose of this new registration program is to address financial abuses, such as money laundering, which have been attributed, in many instances, to the anonymity of owners of business entities.
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