Structuring U.S. Governed Law Trusts Classified as Foreign Trusts for U.S. Tax Purposes
Recording of a 90-minute premium CLE/CPE video webinar with Q&A
This CLE/CPE course will provide a deep dive into the planning opportunities and reporting requirements for U.S.-based trusts that must file as non-domestic trusts for income tax purposes. The panel will discuss what constitutes "substantial decisions by non-U.S. persons" for trusts, structuring considerations to maximize income tax savings by utilizing a U.S.-based foreign trust, and detail how FATCA and other foreign tax reporting requirements on non-domestic entities impact trust drafting and operation.
Outline
- What is a trust for U.S. tax purposes
- Determining tax residence of trusts
- Court test
- Control test
- Grantor trusts with non-U.S. grantors
- Chapter 4 FATCA status of U.S.-based trusts under FATCA regulations
- Common reporting standard
- U.S. tax and information filing obligations for U.S. based foreign grantor trusts
- Planning opportunities and structuring considerations for U.S.-based foreign grantor trusts
Benefits
The panel will review these and other critical issues:
- Court test vs. control test for determining whether a U.S.-based trust is a foreign or domestic trust
- Foreign filing requirements for all trusts, whether U.S.-based or not, that have foreign assets
- What are the filing requirements for foreign grantor trusts to certify Chapter 3 withholding status?
- W-8BEN filing requirements for non-grantor trusts
- Certifying Chapter 4 FATCA status for U.S.-based trusts filing as a foreign trust
Faculty
Nina Krauthamer
Member
Ruchelman
Ms. Krauthamer focuses her practice on federal, state and international tax matters involving high net worth... | Read More
Ms. Krauthamer focuses her practice on federal, state and international tax matters involving high net worth individuals, public and private companies and not-for-profit organizations. She regularly advises foreign individuals and companies on U.S. tax matters, including planning for investment in U.S. real estate. She reviews complex corporate mergers and acquisitions, and structures partnerships, joint ventures and limited liability companies in both the domestic and cross-border contexts.
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Jennifer J. Wioncek
Partner
Bilzin Sumberg Baena Price & Axelrod
Ms. Wioncek is an experienced tax lawyer handling the needs of high net worth clients and cross-border families. The... | Read More
Ms. Wioncek is an experienced tax lawyer handling the needs of high net worth clients and cross-border families. The depth of her experience includes advising on various international and domestic trust and estate planning, pre-immigration planning, expatriation planning, international reporting and compliance, offshore voluntary compliance, and acquisition, maintenance, and sale of U.S. real estate by foreigners.
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Osvaldo Garcia
Attorney
Bilzin Sumberg Baena Price & Axelrod
Mr. Garcia is a tax and private wealth planning attorney who focuses on international and domestic estate planning,... | Read More
Mr. Garcia is a tax and private wealth planning attorney who focuses on international and domestic estate planning, estate administration, trust administration, tax controversies and matters of international regulatory compliance. Since 2017, Osvaldo has been selected from among a pool of global contenders to the "Ones to Watch" directory issued by the Private Client Global Elite, a highly regarded industry list of ultra high net worth legal advisors.
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