Contents
- 1 How to Treat Foreign Trusts
- 2 Foreign Trust Ownership
- 3 IRS International Trust Tax Forms
- 4 Trust Filing Exceptions
- 5 A Beneficiary of a Trust Example (Non-Grantor Trust)
- 6 Beneficiary Example (Grantor Trust)
- 7 A Few Foreign Trust Issues to Consider
- 8 U.S. Trust with Foreign Assets
- 9 Throwback Rule
- 10 Revenue Procedures 2020-17
- 11 Late Filing Penalties May be Reduced or Avoided
- 12 Current Year vs Prior Year Non-Compliance
- 13 Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)
- 14 Need Help Finding an Experienced Offshore Tax Attorney?
- 15 Golding & Golding: About Our International Tax Law Firm
How to Treat Foreign Trusts
It is very common for U.S. taxpayers to form trusts — both domestic and foreign. And, trusts can be used for many different purposes. Some of the more common reasons to create a trust are:-
-
-
a basic Revocable Trust to hold real estate rental property;
-
a Charitable Trust for donation purposes;
-
a Life Insurance Trust to help fund tax payments post death;
-
a Dynasty Trust to transfer wealth to the next generation, and/or
-
Offshore Asset Protection Trust to try and protect assets by moving them offshore.
-
-