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Corporate Transparency Act Just Got Real For Common Law Trusts

By Jocelyn M. Borowsky and Elizabeth King
February 16, 2023
Trusts & Estates

Corporate Transparency Act Just Got Real For Common Law Trusts

By Jocelyn M. Borowsky and Elizabeth King
February 16, 2023
Trusts & Estates

Read below

The CTA will have a tremendous impact on the trust and estate industry from both a planning perspective and an ongoing administration perspective. The biggest focus undoubtedly will be on ensuring the trustee’s own compliance with the CTA and the final rule, and this will entail the trustee bringing its existing book of trust accounts into compliance with the CTA and discussing the implication of the CTA during the trust planning process so that the parties are aware of CTA compliance before the structure is created.

To read the full text of this article co-authored by Duane Morris partner Jocelyn Margolin Borowsky and Elizabeth King of Brown Brothers Harriman Trust Company of Delaware, N.A., please visit the Trusts & Estates website (subscription required). You may also review a presentation by Ms. Borowsky on the subject.