Reflecting on the excitement that 2023 brought (such as Artificial Intelligence, incredible blockbuster movies, and the two day music concelebrate Willie Nelson's 90th birthday), the world of Estate Planning remained relatively calm.

To lower their taxable estate at death, an individual may consider giving gifts to friends and family members. The timing and form of gifts have important estate planning implications, however, as a recent opinion from the United States Court of Appeals for the Third Circuit demonstrates. In that case, the failure to complete gifts in the form of checks prior to the donor’s death cost his estate—and ultimately, his heirs—a significant sum of money.

How The Corporate Transparency Act May Impact Your Estate Plan

Starting on January 1, 2024 owners of certain business entities must file a report with the federal government including details regarding the ownership of their entity. The CTA was enacted to help combat money laundering, financing of terrorism, tax fraud, and other illegal acts. If you have an entity (corporation, limited liability company, family limited partnership, etc.) as part of your existing estate plan, this is important information you will need to know to ensure that you comply with the new law.