The start of a new year is always a good time to review the past year and plan for the future. Last year, new laws and regulations were enacted or enacted that directly affect estate planning. One such law is the Corporate Transparency Act, which requires most companies formed or registered before January 1, 2024 to file reports with the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025. We've got you covered these rules in past issues e Trusts & Estates and will continue to provide coverage while FinCEN enforces this law (recently, a federal court stayed its enforcement). Additionally, on September 16, Treasury issued new basis consistency regulations that help clarify asset basis and add requirements to keep the Internal Revenue Service informed of asset basis after an estate is settled . In their article, “Final Basis Consistency Rules Improve in Proposed Regulations,” p. 7, Turney P. Berry and Charles A. Redd provide an overview of the new regulations.

There was also activity at the state level. Delaware recently passed a new law (the first of its kind in the country) enabling the creation of a beneficiary welfare trust to facilitate the design and administration of trusts that support, rather than hinder, beneficiary engagement, education and transparency . “Delaware's New Beneficiary Welfare Statute,” p. 34, by Todd A. Flubacher, Kristin Keffeler, Elizabeth M. Luk, and Jennifer E. Smith reviews the benefits and challenges of this new statute. And, if you're interested in learning what's happening in other jurisdictions in terms of estate planning laws, see “State of the States: 2024,” p. 40, by Sharon L. Klein and John M. Mirkin, which details what state legislatures have been doing on property-related fronts.

We would also like to welcome Kristen A. Curatolo, partner at Seward & Kissel LLP, to our editorial advisory board.