Will FinCEN publish these records? It would defeat the purpose of putting a home in an llc for anonymity.
Under the proposed rule, persons involved in real estate closings and settlements would continue to be exempt from the anti-money laundering compliance program requirements of the Bank Secrecy Act. I.e. loans, banks.
https://www.fincen.gov/news/news-releases/fact-sheet-benefic....
That's too bad; methinks the Feds should also need a court order. Though, I suppose with FISA courts rubber-stamping warrants, it wouldn't even be a nuisance.
That's a legitimate desire, and I think we should make privacy and the motives behind it available to everyone, not only those who can afford the expense and effort to set up and maintain an LLC.
(I'd expect the solution to be a combination of changes: outlaw most data-brokering and trading of personal data, hold organizations responsible for the data they hold so much that they treat unnecessary personal data like an existential-threat toxic liability, change practices to make SWAT-ing not be such a risk even if some psycho did get hold of someone's address, hold demagogues responsible for using conspiracy theories they know are false to incite mentally ill people, and more.)
> That's a legitimate desire, and I think we should make privacy and the motives behind it available to everyone, not only those who can afford the expense and effort to set up and maintain an LLC.
I'm on the fence about that. Why should someone not be able to determine who owns a particular piece of property?
I am quite sure that rich and powerful people will do some decent but firm pushback if FinCen goes too far in making records public.
Edited: replaced 'privacy-oriented' with 'liberty-oriented' in light of Bruce Schneier's blog.
> to combat and deter money laundering in the U.S. residential real estate sector by increasing transparency.
I am sure the Dutch didn't think recording the religion/race was a problem. Until it was. Took some work to limit the damage [1]
[1] https://en.wikipedia.org/wiki/1943_bombing_of_the_Amsterdam_...
Bruce Schneier said: "Too many wrongly characterize the debate as 'security versus privacy.' The real choice is liberty versus control."
https://www.schneier.com/essays/archives/2006/05/the_eternal...
Ok then. Share with us your email and social media passwords -- and give us access to your Google Photos while you're at it. Otherwise -- what are you hiding?
wealth transfer is obscene.
[edit] to provide clarity. Holding assets in trusts or LLCs has nothing to do with doing anything illegal, and you will find politicians, people working in 3 letter agencies etc all do the same, we all pay taxes just like you. So attempting to leaving a comment with a critical view particularly in contexts where it might be seen as unfair, unjust, or disproportionately benefiting the already wealthy at the expense of others just shows a lack of understanding of the subject. Even though my initial comment has nothing to do with taxes I will leave you with this.
"Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands."
This quote captures the essence of tax planning and the legal right of individuals and businesses to minimize their tax liabilities within the bounds of the law. - Judge Learned Hand
https://smartasset.com/estate-planning/how-to-avoid-estate-t...
https://www.nerdwallet.com/article/investing/estate-planning...
If you die with assets... you assets are going to be transferred to beneficiaries in accordance with a will if you have one. It's a lengthy legal process called probate. Because its going through the court system the filings are all public record too.
If you put your assets into a trust (generally a revocable or living trust)... when you die you aren't dying with any assets. The trust "lives on" and has the rules for distribution codified into it. No probate court. No public record of assets, etc. Tends to be a faster, more efficient for everyone process as I understand it.
I'd love a link backing this bold assertion.
Where else could you drop large quantities of cash then translate that to clean money?
If there’s more of the thing that you use to account for stuff, but stuff doesn’t become more, the number in your units of account goes up.
Edit: Apart from that, there’s monetary premium put on real estate, as people effectively use it to short the currency by buying it with debt.
That being said, I think the number of people who live in fear of being swatted in their homes is at least two orders of magnitude smaller than the number of people who rent a home owned by a mysterious and unaccountable corporate landlord.
