Foreign Trust

Foreign Trust

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Foreign Trust

Foreign Trust definition:  A foreign trust that is located “offshore” (no U.S. fiduciaries or court supervision) is not subject to U.S. income taxes. While the foreign trust itself is not subject to U.S. income taxes, the IRS has specifically targeted the taxation of foreign investments. Distributions of income and gains to U.S. residents from the foreign trust may be taxed.  The IRS requires forms for establishing or transferring property to foreign trusts and/or all foreign trusts with U.S. beneficiaries.  If income is attributable to U.S. sources, income tax for the trust is the responsiblity of the grantor.

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