Publications
Tax Planning and Compliance for U.S. Beneficiaries of Foreign Trusts and Estates
“May Guidance for Domestic Trusts Be Drawn From the Final §1.958-1(d) Regulations” 51 Bloomberg Tax Management International Journal No. 6 (June 3, 2022)
On January 25, 2022, the Treasury Department and Internal Revenue Service published guidance under §958 for determinations of stock ownership in foreign corporations owned through domestic partnerships (the “Final Regulations”). The Final Regulations reflect the duality of partnerships: in some cases regarded as entities separate and apart from their partners and in other cases considered to be an aggregation of the partners.
“Income Tax Planning for Foreign and Domestic Trusts Holding Beneficiary-Occupied Real Estate” 51 Bloomberg BNA Tax Management International Journal No. 4 (April 1, 2022)
However, regardless of trust situs, consideration should be given to the U.S. income tax consequences to which a trust owning U.S. real estate occupied by its beneficiaries will be exposed.
“Tax Planning and Compliance for Settlors of Foreign Asset Protection Trusts, Part One” 50 Bloomberg BNA Tax Management International Journal No. 7 (July 2, 2021)
Regardless of the reason, for those who have made the decision to move their asset protection planning offshore, this article is a guide to the tax consequences of doing so.
“Tax Primer for Settlors of Foreign Asset Protection Trusts: Part Two” 50 Bloomberg BNA Tax Management International Journal No. 8 (August 6, 2021)
The first part of this article discussed planning issues and opportunities when establishing foreign trusts with asset protection objectives. This part discusses the reporting requirements to which the settlors, trustee, and beneficiaries of such trusts are subject.
“The Exit Tax’s Inconsistent Treatment of Trusts” 49 Bloomberg Tax Management International Journal No. 11 (November 6, 2020)
The Heroes Earnings Assistance and Relief Tax Act of 2008 (the “HEART Act”) reformed the income, gift, and estate tax treatment of United States citizens who relinquish their citizenship and long-term U.S. residents who cease to be lawful permanent residents within the meaning of §7701(b)(6) (“expatriates”).
“Whose Trust Is It Anyway? How Deference to Form over Substance Can Produce Unhappy Results for Those Who Settle Trusts” 45 Bloomberg BNA Tax Management International Journal 643 (October 14, 2016)
One of the challenges of cross-border planning is occasionally confronting practices long perceived as effective that don’t work once a U.S. person is added to the mix.
“FATCA, the U.S.-Canada IGA, and Trusts” 43 Bloomberg BNA Tax Management International Journal 255 (May 9, 2014)
FATCA is codified as §1471–§1474 of the Code. Its purpose is to enable the IRS to identify the beneficial owner of any foreign account if the account holder5 is a U.S. person and to create a mechanism whereby information regarding that person and the foreign account will be provided to the IRS in order to confirm the U.S. person’s compliance.
“Common Sense Thoughts on Asset Protection Planning” 5 Journal of Asset Protection Planning 9 ( (May/June 2000)
There are two underlying issues that pervade all asset protection planning. These issues must be recognized and considered regardless of the particular asset protection technique used. The se issue suggest the arguments most commonly advanced by creditor in response to asset protection planning:
1. No transfer of asset has been made.
2. The transfer, is made, was a fraudulent conveyance.