Coral Gables, FL – The Estate Plan, estate planning attorney Miami, emerges as a crucial ally for business owners facing the complexities of the Corporate Transparency Act (CTA), which came into effect in January 2024.
Enacted in 2021, the CTA aims to fortify the nation’s defenses against illicit activities. These include tax fraud, money laundering, and terrorism financing. The legislation mandates specific U.S. businesses to enhance their ownership transparency.
Qualifying entities must submit a Beneficial Ownership Information (BOI) Report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The report identifies individuals associated with the reporting company. It is a crucial move to prevent malicious entities from exploiting hidden ownership structures for illegal operations.
Under the CTA, a beneficial owner is defined as someone with a substantial interest in a company, either directly or indirectly. This person wields significant influence over the reporting company’s decisions or operations, holding at least 25% of the company’s shares or possessing similar control over the equity.
Recognizing the challenges and intricacies the CTA poses, The Estate Plan guides business owners in navigating these changes. The firm’s team of seasoned estate planning attorneys offers a comprehensive strategy to ensure businesses comply with the policy.
About The Estate Plan
The Estate Plan is dedicated to helping families protect what they love the most. Its team of caring professionals is experienced in estate planning and finds creative ways to help clients. They assist individuals in creating wills, trusts, living wills, power of attorney, and healthcare advance directives. The firm also handles probate administration, estate litigation, and partition.
Protecting one’s hard-earned assets is possible through a well-crafted estate plan. The firm closely listens to clients’ needs and goals to tailor a unique solution that gives them peace of mind. The Estate Plan safeguards what’s important while helping individuals save time and money, avoiding complicated legal processes.
For the estate planning needs, visit their office at 135 San Lorenzo Ave, #750, Coral Gables, FL 33146, or call (305) 677-8489 for an evaluation.
The Estate Plan
135 San Lorenzo Ave, #750