A law taking effect January 1, 2024, has killed any hope of anonymity by using a Wyoming LLC, or an LLC in any state for that matter.  Even if you are not worried about anonymity, you are going to be profoundly affected by this law.

In 2021, Congress passed the Corporate Transparency Act. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.

The new program is called the Beneficial Ownership Information Reporting system, and it will be implemented by the FinCEN (Federal Financial Crimes Enforcement Network), a department within the Treasury Department – the same folks who brought you the IRS.

Never heard of FinCEN?  If you have any type of a business (corporation or LLC), it will become as common in your language as the term “IRS.” 

Under the new laws, “beneficial ownership information refers to identifying information about the individuals who directly or indirectly
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Just like a house, you can’t build a financial fortune from the roof down. You need to build a foundation first. 

Have you ever noticed that some people seem to have wealth flowing to them? Yes, some professions tend to pay more than others, but in every field, those with the most wealth are the ones that have a legal foundation already in place.   

This foundation is set up using an understanding of the legal strategies associated with wealth accumulation. Unfortunately, many people are “taken to the cleaners” by less-than-competent lawyers who fail to educate their clients. 

The basic foundation of wealth consists of four legal tools. If you understand the tools and know how to use them, your chances for success are much better. If you and/or your parents don’t have the four tools already, it is time to get moving. It’s worth every effort you make and every dime you spend getting the foundation in place. Here’s a basic overview of the four tools: 

 

Testamentary Will 

Everyone needs a will. Even if you have a revocable trust, you need a will. The
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