CTA Compliance for Trusts and Estates: FinCEN Final Regulations, Reporting of Beneficial Owners, Safe Harbor Rules
Impact of CTA Rules on Estate Planning, BOI Reporting, Trustees as Beneficial Owners, Correction Procedures, and More
Recording of a 90-minute CLE/CPE video webinar with Q&A
This CLE/CPE webinar will provide guidance to estate planners on the impact of new reporting requirements and compliance for trusts and estates under the Corporate Transparency Act (CTA). The panel will discuss the CTA beneficial ownership information reporting rules, how these rules apply to trusts holding business assets, owners, and beneficiaries, necessary steps upon the owner's death, new safe harbor provisions, and correction procedures.
Outline
- Overview of Corporate Transparency Act of 2021
- Reporting requirements and disclosure of information
- Potential challenges for trusts, owners, and beneficiaries
- Necessary steps upon owner's death
- Exemptions and safe harbors
- Correction procedures and potential penalties
- Best practices for estate planners
Benefits
The panel will discuss these and other key issues:
- What are the key provisions of the CTA?
- What are the reporting requirements under the CTA rules?
- What is the impact on trusts and estate planning?
- How do the CTA rules apply to trusts holding business assets?
- How do you determine which companies are considered reporting companies under the CTA?
- How do you determine who are beneficial owner(s) under the CTA?
- What are the compliance challenges unique to trusts and estates?
- What are the potential ramifications for noncompliance?
Faculty
![Bratt, Hill Jenny](/img/t/f329806aecd342506a2d41d0b45b088f.jpg)
Jenny Hill Bratt
Partner
Sheppard Mullin
Ms. Bratt is a partner in the Tax and Estate Planning Practice Group in the firm's San Diego (Del Mar)... | Read More
Ms. Bratt is a partner in the Tax and Estate Planning Practice Group in the firm's San Diego (Del Mar) office. Her practice is focused on US and international estate and income tax planning, trusts and estates administration, family and closely-held business planning and charitable planning and exempt organizations. Ms. Bratt advises US individuals who own foreign assets on the manner in which such assets should be structured as well as their US tax compliance obligations. She routinely employs transfer tax mitigation techniques such as intentionally defective grantor trusts, grantor retained annuity trusts, irrevocable life insurance trusts, and family limited partnerships, among others. Ms. Bratt is a fellow in the American College of Trust and Estate Counsel (ACTEC) and is certified as a specialist in estate planning, trust, and probate law by the State Bar of California Board of Legal Specialization. She served on the Executive Committee of the Trusts and Estates Section of the California Lawyers Association, and was involved in the passing of the California Uniform Trust Decanting Act effective January 1, 2019.
Close![Kontrimas, Andrius](/img/t/3dcc5c3b53b19c8e7aae60e2c5b7864e.jpg)
Andrius R. Kontrimas
Partner
Sheppard Mullin
Mr. Kontrimas is a partner in the Tax, Employee Benefits, and Trust & Estate Practice Group in the firm's... | Read More
Mr. Kontrimas is a partner in the Tax, Employee Benefits, and Trust & Estate Practice Group in the firm's Houston and Orange County offices. He has extensive experience handling a wide range of matters and is consistently recognized as a leading practitioner. Mr. Kontrimas currently counsels clients in Global Tax Planning and Structuring, Transfer Pricing, Joint Ventures, Cross Border M&A, Global Mobility, Private Client and Family Offices, Contested Tax Matters, Corporate Counseling, Private Foundations and other Exempt Organizations, and Art Law.
Close![Prewitt, Austin](/img/t/82125b38e5271d2e614f12a508d3107c.jpg)
Austin S. Prewitt
Associate
Sheppard Mullin
Mr. Prewitt is an associate in the Tax Practice Group in the firm's San Diego (Del Mar) office. He focuses his... | Read More
Mr. Prewitt is an associate in the Tax Practice Group in the firm's San Diego (Del Mar) office. He focuses his practice on assisting with trust, estate, and inheritance disputes. Mr. Prewitt also assists clients with US and international estate and income tax planning and trusts and estates administration.
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