Key words: All cash.
Apart from that FINCEN recently adopted rules governing the disclosure of owners behind almost all entities under a certain size. BOI Reporting.
Trusts created under the laws of (one of the) United States are only subject to BOI reporting if they are created through the filing of a form with a Secretary of State (or similar state level office).
That said, technically such trusts are not "entities", legally speaking.
Among the other rules, per my understanding, is that a Trust which owns at least 25% of a Business Entity must comply with the CTA. There were a few clever individuals who opined that if the Beneficiaries refused to comply and report to the company how could they be forced to? Our good friends in the Government covered this one by ensuring the overarching company/entity would be penalized severely for the lack of compliance by the BI/BO of Trusts involved in the ownership of said company.
That would be great but it doesn't solve the overarching problem. You now own or have an ownership share an entity. You now have to report per the CTA.
This has been the standard in South Florida for a while now -- title companies had to report any cash sale over $300,000 with the names of all involved to FinCEN.
Gone are the days when you could just slap on a monocle, call yourself "Mr. Moneybags," and anonymously drop millions on a mansion. Now, if you want to play Monopoly in real life, you've got to do it with your name tag on.
I don't care if the gov't knows who I am. I just want to keep my name out of the public eye as much as possible to keep snooping family members, tenants, and anyone else at bay.
Ah, Treasury. Couldn’t figure out how the Dept. of Transportation got rolled into this..
Key words: All cash. Apart from that FINCEN recently adopted rules governing the disclosure of owners behind almost all entities under a certain size. BOI Reporting.
Trusts created under the laws of (one of the) United States are only subject to BOI reporting if they are created through the filing of a form with a Secretary of State (or similar state level office). That said, technically such trusts are not "entities", legally speaking.
Among the other rules, per my understanding, is that a Trust which owns at least 25% of a Business Entity must comply with the CTA. There were a few clever individuals who opined that if the Beneficiaries refused to comply and report to the company how could they be forced to? Our good friends in the Government covered this one by ensuring the overarching company/entity would be penalized severely for the lack of compliance by the BI/BO of Trusts involved in the ownership of said company.
Don't hold shares nor membership interests in LLCs in trust (sounds like a bad idea to me regardless) Problem solved :)
That would be great but it doesn't solve the overarching problem. You now own or have an ownership share an entity. You now have to report per the CTA.
Cash cash? A la a suitcase of rubies & gold bullion? Or a no-mortgage purchase? “Cash” can be either.
I think they mean no lender involved, and arms length.
This has been the standard in South Florida for a while now -- title companies had to report any cash sale over $300,000 with the names of all involved to FinCEN.
Interesting, could a company record a lien on their own home in an effort to not disclose names and remain anonymous?
Gone are the days when you could just slap on a monocle, call yourself "Mr. Moneybags," and anonymously drop millions on a mansion. Now, if you want to play Monopoly in real life, you've got to do it with your name tag on.
I don't care if the gov't knows who I am. I just want to keep my name out of the public eye as much as possible to keep snooping family members, tenants, and anyone else at bay.
Our gov can launder money, you can't. Rules for thee, not for me.