U.S. Taxation of Foreign Trusts: Grantor Trust Status, Gift and Estate Tax Treatment, Reporting Requirements, Planning
Recording of a 90-minute CLE/CPE video webinar with Q&A
This CLE/CPE course will provide estate planners and tax counsel comprehensive guidance on the U.S. taxation of foreign trusts. The panel will discuss key provisions of the Internal Revenue Code applicable to foreign trusts, the reporting regime for U.S. taxpayers' ownership of foreign trust assets, gift and estate tax treatment, and Form 3520 and other foreign information reporting requirements.
Outline
- Issues of foreign trusts with U.S. beneficiaries in estate planning
- Determining tax residency and applicable rules
- Understanding tax rules and reporting obligations of foreign trusts for U.S. estates and taxpayers
- Foreign grantor trust vs. foreign non-grantor trust
- Obtaining a tax-free step-up in basis
- Applicability of foreign anti-deferral rules and methods to avoid them
Benefits
The panel will discuss these and other key issues:
- What are the filing requirements for the U.S. beneficiary of a foreign trust?
- Avoiding pitfalls of complex tax rules and reporting obligations
- Understanding residency rules and the use of domestication to benefit the estate
- What "reportable events" trigger a Form 3520 filing requirement?
- What is the overlap between Form 3520 and other foreign information reporting requirements?
- What are the penalties and relief provisions for failing to file necessary forms?
- Effective techniques to avoid foreign anti-deferral rules
- Best practices for counsel regarding the taxation of foreign trusts
Faculty
Marianne Kayan
Principal
Ernst & Young
Ms. Kayan leads a collaborative team of professionals to address the cross border needs of high net-worth business... | Read More
Ms. Kayan leads a collaborative team of professionals to address the cross border needs of high net-worth business connected individuals. Since 2010, she has been a key developer of EY Private's cross border team. Ms. Kayan focuses on teaming with EY affiliated firms and other subservice lines to offer exceptional global client service.
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Jeffrey S. Levin
Senior Partner
Squire Patton Boggs
Mr. Levin’s practice includes federal, state and local taxation; estate planning, trusts and estates... | Read More
Mr. Levin’s practice includes federal, state and local taxation; estate planning, trusts and estates administration; charitable giving; and succession planning for closely held businesses.
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Kevin E. Packman
Partner
Holland & Knight
Mr. Packman is an ACTEC Fellow and partner in Holland & Knight LLP’s Private Wealth Services Section where he... | Read More
Mr. Packman is an ACTEC Fellow and partner in Holland & Knight LLP’s Private Wealth Services Section where he leads the firm’s International Estate Planning Group. Mr. Packman’s practice includes advising high-net-worth private clients (whether U.S. or foreign) with tax, trusts and estates. This also includes pre-immigration planning and expatriation planning. He also helps clients come into compliance and resolve tax controversies.
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