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The generation commonly referred to as Baby Boomers is at or approaching retirement age. By the end of the year 2027, 11,200 Americans will turn 65 years old. With Baby Boomers reaching this milestone, they are at a critical stage in life. Whether retirement is on the horizon or has already started, it's essential to have a well-thought-out estate plan. Proper planning ensures that your assets are protected and distributed according to your wishes while ensuring that your legacy endures. Why Estate Planning Matters for Baby Boomers As you approach retirement, your financial situation changes. You may have accumulated significant assets, such as retirement accounts, real estate, and investments. An estate plan serves as a guide for managing these assets during your lifetime and after. Here are some important reasons why estate planning is crucial for Baby Boomers: Protecting Assets: Safeguarding your hard-earned wealth from potential creditors, lawsuits, and taxes. Ensuring Care:

The Corporate Transparency Act (CTA), enacted in 2021, aims to increase transparency around corporate ownership. This blog post summarizes the key changes for corporations, small businesses, and LLCs, focusing on the impact in 2024. New Reporting Requirements: Beneficial Ownership Information: A core aspect of the CTA is the requirement for certain businesses to report information about their " beneficial owners. " These individuals ultimately control or benefit from the company, even if they do not hold an official title. Existing Companies Have One Year to File: Reporting companies created or registered to do business in the United States before January 1, 2024, must file by January 1, 2025. 5-Year Business Rule: Previously, only new businesses needed to report beneficial ownership information. Presently, under the CTA, any corporation or LLC formed more than five years ago must also file a report by a specified deadline (to be determined). Changes for Corporations