A note from the editor...
| Estate Planning & Taxation / The Modern Practice / Retirement Benefits / International Practice |
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| SEE WHAT YOU MISSED IN THE MARCH ISSUE... |
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Estate planning professionals are focusing on complying with the Corporate Transparency Act (CTA) in 2024, as it carries heavy penalties for noncompliance. Many are still deciphering its requirements, but resources like conferences and webinars are available to help. However, guidance on adapting practices to meet the CTA's demands and clarifying the practitioner's role in advising clients has been scarce until now.
In their article titled "Corporate Transparency Act: Updating Legal and Other Documents," Jonathan B. Wilson, Matthew F. Erskine, and Martin M. Shenkman outline necessary modifications to engagement letters and trust agreements to align with the CTA. They offer sample language for these documents and provide a checklist to ensure practitioners have the required information for CTA reporting.
Practitioners with clients involved in family businesses need to not only understand the CTA but also stay informed about other industry trends. One such trend is transferring shares into a trust during the owner's lifetime or at death. Patricia M. Angus explores this topic in "Trust Ownership of Family Businesses," covering implications, trust types, beneficiary selection, and more.
Additional articles in our Family Businesses Committee Report cover updates on the Congressional Family Business Caucus, strategies for family cohesion, the role of buy-sell agreements in succession, and risk management for family enterprises.
— Susan R. Lipp Editor in Chief [email protected] |
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