Many parents establish a trust for their children and intend that the trust be a domestic (US) trust. Often, this will be a testamentary trust. That is, one that comes into being upon death of the testator, created pursuant to a Last Will & Testament. Many parents struggle with the decision as to who to … Continue reading Selecting a Trustee for Your US Trust – What About a Foreign Family Member?
I have written a series of blog posts about foreign (i.e., non-US) trusts and the US tax issues associated with them including the US tax filing and reporting requirements for each of the different players in the foreign trust scenario (creator or "grantor"/"settlor" of the trust), the trustee; and today, the US beneficiary. One of … Continue reading US Beneficiary of Foreign Trust: Understanding US Tax Filings
I have written various blog posts covering foreign (i.e., non-US) trusts. Many of them concern US tax filing and reporting requirements with regard to such trusts. My initial post provided a general overview of the troublesome US tax issues surrounding foreign trusts, and my blog post here navigates the tricky waters in determining if a … Continue reading US Tax Filings by Fiduciary of Foreign Trust
My earlier blog post set out the tax problems that arise when one has created a "foreign" trust with US beneficiaries. This post will probe the factors used to determine whether a trust is a US trust or a “foreign” trust. It will also point out a possible pitfall for many families who have members … Continue reading OOOPS! I Created a “Foreign” Trust