The Financial Crimes Enforcement Network (FinCEN) has proposed a new rule aimed at combating money laundering in the U.S. residential real estate sector. The rule would require certain professionals involved in non-financed residential real estate transactions to report information to FinCEN, including beneficial ownership details of entities and trusts receiving the property. This nationwide reporting requirement builds on FinCEN's existing Geographic Targeting Order program and is designed to enhance transparency while minimizing business burden. The proposed rule, if finalized, would help law enforcement investigate and prosecute money laundering through U.S. residential real estate, protecting the country's economic and national security. We have created a fact sheet about the proposed rule that can be accessed at the link below.

The digital age has brought about a new frontier in estate planning: the protection of our online assets. From social media accounts and email to cryptocurrency and cloud storage, our digital lives hold a wealth of personal and financial value. Yet, many people neglect to consider these assets when planning their estates, leaving their loved ones with a confusing and often daunting task in the wake of their death.

The Corporate Transparency Act (CTA) that went into effect on January 1, 2024 is already facing pushback. Only two months after the Act went into effect, a federal district court in Alabama declared the Act "unconstitutional because it cannot be justified as exercising Congress's enumerated powers." For a deeper dive into the CTA's origin and requirements, please see Richard P. Breed, IV's article, Corporate Transparency Act Overview. The below summary gives some information on the Alabama case and its practical implications for the Act.