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Overview

Individuals who are neither United States citizens nor U.S. “domiciled” (U.S. resident with an intention to remain indefinitely in the U.S.) are subject to a less favorable estate tax planning environment.  In 2024, individuals who are U.S. citizens and domiciliaries can transfer $13,610,000 free of estate, gift and GST tax during their lives or

Following up on a prior advisory that we published on “Estate Tax Planning and the Often-Overlooked Power of the ‘Med-Ed Exclusion’” (click here to read), we offer this update and a deeper dive into the gift of medical care that may have meaningful implications on estate planning strategies for many individuals.

First, by

The reporting requirements under the Corporate Transparency Act (CTA) will come into effect on January 1, 2024.  The U.S. Treasury estimates that more than 32 million pre-existing entities and approximately 5 million new reporting companies annually over the next decade will have to register under the CTA.

The CTA was enacted on January 1, 2021

Originally published on February 11, 2021. 

The Corporate Transparency Act (CTA) was enacted on January 1, 2021 as part of the National Defense Authorization Act creating a federal beneficial ownership registry applicable to corporations, limited liability companies (LLCs) and most partnerships.  Targeted at small, privately-held business entities, the CTA requires these organizations to report