Just Off the Boat, Trust Fund in Hand

Many wealthy people today spend substantial amounts of time in various countries and many may eventually find themselves becoming tax residents of the United States. So U.S. trusts and estates practitioners shouldn't be surprised if a client presents them with this interesting question: How will the United States tax distributions of income accumulated before such beneficiary became a tax resident

Many wealthy people today spend substantial amounts of time in various countries and many may eventually find themselves becoming tax residents of the United States. So U.S. trusts and estates practitioners shouldn't be surprised if a client presents them with this interesting question: How will the United States tax distributions of income accumulated before such beneficiary became a tax resident of the United States?

How will you answer?

Let's say your client, Ben Tex Aver,

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