In the News
The Impact of the Corporate Transparency Act on Estate Planning
February 7, 2025
Authors
Mark M. Christopher
Director, Boston
mchristopher@goulstonstorrs.com+1 617 574 3513
Vaishali Goyal
Senior Attorney, Boston
vgoyal@goulstonstorrs.com+1 617 574 2242For over a decade, the world’s developed nations, through the Financial Action Task Force (FATF), have worked to set international standards aimed at curbing money laundering, tax evasion, and other corrupt activities conducted through shell companies and synthetic identities. The United States has been one of the last of over 200 members of the FATF to implement disclosure rules but has finally done so through the Corporate Transparency Act (CTA), enacted by Congress on January 1, 2021.1 The CTA requires “reporting companies” to report their “beneficial owners” to a division of the Treasury Department, the Financial Crimes Enforcement Network (FinCEN). The CTA became effective on January 1, 2024, and applies to eligible companies formed both before and after the effective date.
Attorneys Mark Christopher and Vaishali Goyal explain what individuals with closely-held businesses and state-monitored entities created for their estate planning need to know when it comes to the new Corporate Transparency Act reporting requirements in ALI's The Practical Lawyer.
The CTA implements a wide-ranging system of reporting that will impact many estate planning clients. Estate lawyers must determine if these requirements apply to their clients as beneficial owners or reporting companies.
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