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The RPTE Section submits comments to the government regarding policy matters that affect real property and estate planning legislation.

The Section of Real Property, Trust and Estate Law (“Section”) of the American Bar Association (“ABA”) is pleased to submit the following comments to the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) in response to the request for public comment on the advance notice of proposed rulemaking (“ANPRM”) issued by FinCEN on December 2, 2021 regarding anti-money laundering regulations for real estate transactions. These views are being presented only on behalf of the Section.1 The views expressed herein have not been reviewed or approved by the House of Delegates or the Board of Governors of the American Bar Association and, accordingly, should not be construed as representing the policy of the American Bar Association.

Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”)

Department of the Treasury Financial Crimes Enforcement Network— Advance Notice of Proposed Rulemaking—Anti-Money Laundering Regulations for Real Estate Transactions; RIN 1506-AB54, Docket No. FINCEN—2021—0007, 86 Fed. Reg. 69589 (December 8, 2021)

ABA Section of Real Property, Trust and Estate Law and ABA Commission on Law and Aging

ABA Sections of Real Property, Trust and Estate Law and ABA Section of Taxation

Business Planning Group

Charitable Planning and Organizations Group

Charitable Planning and Organizations Group, Charitable Planning Committee

Employee Benefit Plans and Other Compensation Arrangements Group

Estate and Gift Tax

Generation Skipping Transfers Committee

Income and Transfer Tax Planning Group

Income and Transfer Tax Planning Group and Estate and Gift Tax Committee

Individual & Fiduciary Income Tax Committee

International Tax Planning Committee

Legal Opinions in Real Estate Transactions

Non-Tax Estate Planning Considerations Group

Residential, Multi-Family, and Special Use Group

Introduced during the 2011 Midyear Meeting, the House passed Resolution 105, urging payment of military survivor benefits to disabled beneficiaries.

The resolution has been a major success. Congress has largely enacted the proposed resolution into law.

Section 624 of the National Defense Authorization Act of 2015, Pub. L. No. 113-291, which became effective on December 19, 2014, authorizes the payment of Survivor Benefit Plan benefits to a special needs trust for the benefit of a disabled child. The main objective was to enable the creation of special needs trusts for youth beneficiaries with disabilities. This objective was 100 percent achieved.