Even the simplest trusts can be foreign. Since foreign trusts generate unique and potentially punitive tax consequences, it is helpful to be able to spot them and fix them. We will review the court and control tests with a focus on the common trust provisions that are most likely to inadvertently cause a trust to be foreign. We will briefly cover the potential tax and reporting issues with a foreign trust, then cover how to fix the problems a foreign trust can create.
VACOVEC, MAYOTTE & SINGER, LLP
Principal
[email protected]
(617) 831-2456
Ruth helps clients implement comprehensive plans that meet their personal, family, and professional goals. As part of her estate planning practice, Ruth focuses on international planning, including planning for overseas assets, forming offshore asset protection trusts, planning for a spouse who is not a U.S. citizen, and helping U.S. beneficiaries plan to receive gifts and inheritances from abroad. For clients with unreported foreign assets, Ruth coordinates with accountants to help bring the clients into compliance with their FBAR and other reporting requirements. Additionally, Ruth advises trustees and Personal Representatives with the administration of trusts and estates, including local and multinational trusts and estates.