The start of a new year is always a good time to review the previous year and plan for the future. This past year, new laws and regulations were passed or took effect that directly affect estate planning. One such law is the Corporate Transparency Act, which requires most companies formed or registered before Jan. 1, 2024 to file reports with the Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025. We’ve covered these rules in past issues of Trusts & Estates and will continue to provide coverage as FinCEN implements this law (most recently, a federal court suspended its enforcement). In addition, on Sept. 16, the Treasury released new basis consistency regulations that help clarify the basis of assets and add requirements to keep the Internal Revenue Service apprised of the basis of assets after an estate is settled. In their article, “Final Basis Consistency Regulations Improve on the Proposed Regulations,” p. 7, Turney P. Berry and Charles A. Redd provide an overview of the new regulations.
There’s been activity at the state level as well. Delaware recently passed a new law (the first of its kind in the country) that enables the creation of a beneficiary well-being trust to facilitate the design and administration of trusts that support, rather than inhibit, beneficiary engagement, education and transparency. “Delaware’s New Beneficiary Well-Being Statute,” p. 34, by Todd A. Flubacher, Kristin Keffeler, Elizabeth M. Luk and Jennifer E. Smith reviews the benefits and challenges of this new statute. And, if you’re interested in learning what’s going on in other jurisdictions in terms of estate-planning laws, see “The State of the States: 2024,” p. 40, by Sharon L. Klein and John M. Mirkin, which details what state legislatures have been up to on estate-related fronts.
We would also like to welcome Kristen A. Curatolo, partner at Seward & Kissel LLP, to our editorial advisory board.
