The Financial Crimes Enforcement Network has issued an interim final rule that removes the obligation for U.S. companies and U.S. persons to report beneficial ownership information (BOI). Now, only foreign entities registered to do business in the U.S. must comply, but they are not required to report U.S. persons as beneficial owners.
What Happens to My Animals?
“There has to be a better way to do this. If you want to leave money for your animals, you don’t want it all to go to taxes,” long-time horse owner Bonnie Ollie tells equestrian magazine USDF Connection.
For insight on finding a better way, the publication turned to Gawthrop Greenwood attorney J. Stoddard Hayes, who practices in estate planning, trust and estate administration, personal and fiduciary income taxation, and equine law. With his wife, Hayes also operates a family-owned horse farm and boarding facility.
Read on, to learn Hayes’ top tips as well as 3 options for making provisions for horses in the estate planning process.