Trusts and Estates
Ca. Trs. & Estates Quarterly VOLUME 30, ISSUE 1, 2024
Content
- Chairs of Section Subcommittees
- Editorial Board
- Inside This Issue
- Letter From the Chair
- Letter From the Editor
- Litigation Alert
- McLe Self-study Article: How the King (V. Lynch Case) Was Slayed: the California Supreme Court Clarifies How a Revocable Trust May Be Modified
- McLe Self-study Article: People V. Sanchez and Expert Use of Hearsay In Trust and Estate Litigation
- McLe Self-study Article: Working With the Enemy: How Parties Can Protect Themselves Against the Broad Doctrine of Quasi-judicial Immunity
- Tax Alert
- Tips of the Trade: the Perfect Appraisal For Estate and Gift Tax Purposes: the Role of the Appraiser and the Attorney
- Proposed Rule: Fincen Proposes Requiring Estate Planners To Report Transfers of Residential Real Property To Trusts
PROPOSED RULE: FINCEN PROPOSES REQUIRING ESTATE PLANNERS TO REPORT TRANSFERS OF RESIDENTIAL REAL PROPERTY TO TRUSTS
Written by By Michael Gorini, Esq. and Robert Gorini, Esq.
I. SYNOPSIS
The Financial Crimes Enforcement Network ("FinCEN"), a bureau of the U.S. Department of the Treasury, proposed a new rule relating to residential real property transfers to specified legal entities including trusts.01 This article is intended to alert trust and estate practitioners of the proposed rule (as currently drafted), as it will affect almost all estate planning attorneys. This proposed new rule (referred to herein as "the proposed rule") would apply when an attorney creates a trust and prepares or records the deed which transfers residential real property thereto, subject to some potentially notable exceptions.
The proposed rule is separate from the Corporate Transparency Act ("CTA"), which was effective January 1, 2024. The proposed rule would be added to chapter X of title 31 of the Code of Federal Regulations as a new part 1031.02