When Your U.S. Trust Accidentally Turns Foreign

Often, trusts established by non-U.S. citizen decedents under their U.S. wills or revocable trusts to care for minor children become foreign trusts by accident. This triggers significant tax and reporting consequences. But there are solutions. It's very common for non-U.S. citizens who live and work in the United States to create a U.S. will or revocable trust. Sometimes, they take these actions because

Often, trusts established by non-U.S. citizen decedents under their U.S. wills or revocable trusts to care for minor children become foreign trusts by accident. This triggers significant tax and reporting consequences. But there are solutions.

It's very common for non-U.S. citizens who live and work in the United States to create a U.S. will or revocable trust. Sometimes, they take these actions because they've become long-term U.S. residents and have accumulated substantial assets he

All access premium subscription

Your subscription will include 12 months of Trusts & Estates magazine and access to premium content on WealthManagement.com.

TAGS: Archive
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish