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If you’ve set up an LLC or corporation as part of your estate planning—whether to hold real estate, protect assets, or manage family wealth—there’s an important legal update you need to know about.
The Corporate Transparency Act (CTA) requires many businesses to report personal information about their beneficial owners to the U.S. Treasury. While the law was designed to prevent financial crimes, it adds a new layer of business compliance for small business owners and families using entities for asset protection.
What’s the Latest?
On March 2, 2025, the Treasury announced it’s pausing enforcement of CTA penalties and may limit the law to foreign companies only. However, a recent court ruling still requires some U.S.-based businesses to submit Beneficial Ownership Information (BOI) reports by March 21, 2025.
The rules are in flux, and enforcement could restart at any time.
How This Impacts Estate Planning and Asset Protection
If you’ve used an LLC or corporation to protect your assets or create a legacy for your family, this law could impact your privacy and compliance obligations. You may need to disclose personal details like your name, date of birth, and identification to a federal database. If you don’t file (and it turns out you should have), there could be fines down the road.
What Should You Do?
Now is the time to: -Review your estate planning and asset protection structures
-Confirm whether these business compliance rules apply to you
-Protect your privacy and stay ahead of legal changes
Get Clarity—For Free
I’m offering complimentary 15-minute calls to help you navigate these changes and protect your legacy. Whether you need to file or not, I’ll help you figure it out. Click on the link below to schedule.
This article is a service of The Ambitious Legacy Firm. We do not just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Legacy Planning Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by using the link below to schedule a call with our Client Services Director, who will be able to guide you on scheduling your Legacy Planning Session, or by emailing us at legacy@franco-lawfirm.com. Mention this article when you contact us to find out how to get this $750 session at no charge.
WE CARE ABOUT YOUR LEGACY. LET US HELP YOU PLAN IT!
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