Corporate Transparency Act for Trusts and Estates
Determining Reporting Responsibilities for Trustees, Fiduciaries, and Beneficiaries
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This webinar will delve into what is required under the Corporate Transparency Act (CTA) with particular focus on the perspective of trusts, estates, beneficiaries, fiduciaries, and trustees, provide examples of best practices in satisfying these requirements, and discuss penalties for noncompliance.
Outline
- CTA for trusts and estates: introduction
- Reporting requirements
- Responsible reporting party
- Completing the form
- Penalties for noncompliance
- Best practices
Benefits
The panel will review these and other critical issues:
- Who is reported if a trust has substantial control or has a 25% or more ownership interest in a reporting company?
- What penalties could be assessed for not complying with the CTA?
- When is a trust subject to the reporting requirements under the CTA?
- What are the responsibilities of fiduciaries, beneficiaries, and trustees under the CTA?
Faculty
John Bunge
Partner
Holland & Knight
Mr. Bunge helps clients navigate the complex confluence of tax planning, business succession planning,... | Read More
Mr. Bunge helps clients navigate the complex confluence of tax planning, business succession planning, and estate planning, and seeks to find the most elegant solutions possible to reach their goals.
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Briahnna Skinner
Private Wealth Family Fiduciary Services Director
Holland & Knight
Ms. Skinner is a Private Wealth Family Fiduciary Services Director based in Holland & Knight's Boston... | Read More
Ms. Skinner is a Private Wealth Family Fiduciary Services Director based in Holland & Knight's Boston office. She has 10 years of experience providing estate planning, estate administration and trust administration services to high-net-worth clients. Ms. Skinner focuses on providing support to clients with complex family estate plans and high maintenance asset structures to ensure that administration is carried out properly. She maintains relationships and provides support to families and fiduciaries in administering their complex lives by working collaboratively with outside professionals, including accountants, insurance agents, financial advisors and client family offices, to facilitate coordinated action on a client's behalf. She tracks key dates for required entity maintenance activities and coordinates with the client's team of advisors to timely complete administration items relating to trust annuities, promissory notes, life insurance policies, real estate, art, and corporate entities. Ms. Skinner and the family fiduciary services team also provide bill pay services, account reporting, and facilitate document sharing, including secure file sharing for critical documents. She is also a member of Holland & Knight's Corporate Transparency Act (CTA) Team, which focuses on the recently enacted CTA. Ms. Skinner is familiar with the CTA reporting requirements for corporate entities, and in particular with the beneficial owner disclosure requirements when a trust has an ownership interest or substantial control over a reporting company.
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