David Ness joins Adam Brown to talk about hot topics in estate planning right now, especially the sunset of the Tax Cuts and Jobs Act of 2017 and Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (which applies to almost anyone that has a business or holds property in an LLC or other business entity).

Dave provides a primer on estate and gift taxes to help explain the process and strategies to consider as part of an overall estate plan. This includes caps, exclusions, exemptions, and other background information. Dave also talks about the sunset of the Tax Cuts and Jobs Act at the end of 2025, which will increase the number of estates subject to federal estate taxes. And Dave compares state and federal estate tax considerations. For example, Minnesota includes a three-year lookback period for gifts. Dave also addresses planning for potential changes in residency.

In addition, Dave talks about some of the current trends with core planning strategies, he outlines considerations such as beneficiary designations and power of attorney, and he discusses one of the most popular planning strategies right now, the Spousal Lifetime Asset Trust (SLAT).

Dave and Adam then switch gears to discuss the Corporate Transparency Act (CTA) and the upcoming deadline for Beneficial Ownership Information (BOI) reporting. Most LLC or small business entities need to submit a BOI report before January 1, 2025, and this includes anyone that holds property (including the family cabin) in an LLC or business entity. Dave outlines reporting considerations, the definition of beneficial owners, required reporting information, and potential exemptions. FMJ has been helping a number of clients to complete the reporting requirements, to analyze whether they need to report in the first place, and to prepare tracking structures in case updated reports might be needed in the future.