The beginning of a brand new yr is all the time an excellent time to overview the earlier yr and plan for the longer term. This previous yr, new legal guidelines and rules had been handed or took impact that instantly have an effect on property planning. One such regulation is the Company Transparency Act, which requires most firms fashioned or registered earlier than Jan. 1, 2024 to file studies with the Monetary Crimes Enforcement Community (FinCEN) by Jan. 1, 2025. We’ve coated these guidelines in previous problems with Trusts & Estates and can proceed to supply protection as FinCEN implements this regulation (most just lately, a federal court docket suspended its enforcement). As well as, on Sept. 16, the Treasury launched new foundation consistency rules that assist make clear the idea of property and add necessities to maintain the Inside Income Service apprised of the idea of property after an property is settled. Of their article, “Last Foundation Consistency Laws Enhance on the Proposed Laws,” p. 7, Turney P. Berry and Charles A. Redd present an outline of the brand new rules.
There’s been exercise on the state stage as effectively. Delaware just lately handed a brand new regulation (the primary of its sort within the nation) that permits the creation of a beneficiary well-being belief to facilitate the design and administration of trusts that help, relatively than inhibit, beneficiary engagement, training and transparency. “Delaware’s New Beneficiary Properly-Being Statute,” p. 34, by Todd A. Flubacher, Kristin Keffeler, Elizabeth M. Luk and Jennifer E. Smith critiques the advantages and challenges of this new statute. And, in case you’re enthusiastic about studying what’s occurring in different jurisdictions by way of estate-planning legal guidelines, see “The State of the States: 2024,” p. 40, by Sharon L. Klein and John M. Mirkin, which particulars what state legislatures have been as much as on estate-related fronts.
We’d additionally prefer to welcome Kristen A. Curatolo, accomplice at Seward & Kissel LLP, to our editorial advisory board.
