I’m curious what implications will this new rules have on creating land trusts in this way. It sounds like beneficiaries won’t be private to Fincen anymore.
https://www.fincen.gov/rre-faqs#C_1
Andrew R. Timms Changed status to publish
Josh, it appears that the original intent of this act (to be VERY intrusive to the private information of US law abiding citizens) has been substantially \”watered down.\” It looks like only those transactions (not included in the exemption list) that will be looked at/reported will be non-financed transactions. Here is how it is stated in the Act under \”What types of transfers are not considered reportable?\”:
- A transfer for no consideration made by an individual, either alone or with their spouse, to a trust of which that individual, that individual’s spouse, or both, are the settlors or grantors.
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