Foreign Trust Compliance

Description

For many years, the foreign trust has been a useful tool for estate planners and individuals. However, due to congressional and IRS scrutiny and the complexity of laws and regulations, ensuring foreign trust compliance is challenging. The practitioners maintaining the international trust structures should not seek a cookie-cutter approach but instead focus on developing in-depth knowledge. With training, practice, and proper procedures in place, the foreign trust tax compliance process could be a very rewarding experience. Learning Objectives Define foreign trust and identify how it is different from domestic trust. Identify the role of foreign trust in international planning. Discuss issues related to U.S. domestic trust established by international families. Determine how to ensure the foreign trust is in compliance. Examine reporting obligations of trustee, grantor, beneficiary, and underlying entities. Summarize the penalties and possible abatement.