On Jan. 1, 2024, the Corporate Transparency Act (CTA) came into force, requiring the vast majority of small limited liability companies, corporations and limited partnerships to disclose personal information identifying the individuals who own or control these entities to the Financial Crimes Enforcement Network (FinCEN), a federal agency charged with combating money laundering and other financial crimes.

The CTA constitutes a sea change in the expectations of confidentiality that have been at the center of much estate planning for well over a century. While trusts themselves are not required to disclose personal information under the act, an entity owned or controlled by a trust may need to collect information that was previously considered confidential regarding the identity of its trustees, grantors, beneficiaries and others for disclosure to FinCEN.