by Suzanne L. Shier, Wealth Planning Practice Executive and Chief Tax Strategist/Tax Counsel
Mobility is a fact of modern life, and it is increasingly common for families to own assets or have family members living in other countries. These cross-border circumstances give rise to a range of U.S. income, gift, estate and generation-skipping transfer tax consequences, particularly when trusts are involved. One area of particular complexity is the U.S. taxation of trusts, grantors and beneficiaries with cross-border contacts. Additionally, there is an ever-increasing level of tax information reporting required in this environment of financial and tax transparency.
As one of the leading personal trust companies in the United States, with a strong and growing international presence, Northern Trust is committed to meeting the needs of our clients, no matter where they are in the world. Our paper, A Guide to Cross-Border Trust Design and Administration, offers a high-level overview of certain aspects of the taxation of cross-border trusts from the U.S. perspective, as well as some tips for planning such as:
As the global population continues to expand, with increasing investments and domiciles all over the world, so too does the wealth and tax planning landscape grow more complex. Factoring in opportunities, limitations and reporting requirements into discussions about trust design and administration can help you preserve your wealth and mitigate penalties and tax burden.
To learn more about Cross-Border Trust Design and Administration, read the paper now or call Suzanne Shier, Wealth Planning Practice Executive and Chief Tax Strategist/Tax Counsel at 312-557-8396.