Some people may be tempted to use a do-it-yourself approach to establish a trust in their estate plan. But here is one example of why you need an experienced estate planning attorney. There is a new regulation being passed that may affect you. So, what do you need to know about your estate planning and the Corporate Transparency Act?
This act was designed to prevent companies from concealing their ownership in the United States. Some companies do this for illicit activities, such as money laundering, tax fraud or other forms of corruption. The new act demands that each business (even those started under a trust) submit a report to the US Department of Treasury Financial Crimes Enforcement Network (FinCEN).
If you have a trust that owns an LLC to transfer assets to family members, avoid probate or shield assets from creditors, you or your attorney must file with the US Department of Treasury. The information sent must include the following:
There are some exemptions. For example, the identity of minors does not need to be listed.
When you establish an LLC within a trust, a good estate planning attorney will help you file the proper documents or do it for you. We understand the importance of filing all the correct documents with the needed agencies. We know the rules and regulations surrounding the Corporate Transparency Act and the penalties that may incur when it’s not done right.
An existing business must file with the US Department of Treasury within 2 years from when the regulation became effective. And if we help you establish a new company under a trust, we have 2 weeks to file the documents. If not, there are heavy fines to pay.
As you can see, you need an experienced estate planning attorney. And we are here for you.
An estate planning attorney can help you establish a trust that works best for your family. Contact the Estate and Probate Legal Group to discuss the best strategies for your situation. We will also file all needed documents with the proper agencies. Contact Us today at 630-864-5835.
AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties.