Legal Trust Property Foreign
Description
How to fill out Texas Grant Deed - Trust To Individual?
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FAQ
A person who is treated as the U.S. owner of a foreign trust will be subject to U.S. income tax on their portion of their pro rata share of the trust's income, regardless of whether the income is treated as a U.S. source or foreign source.
You can add foreign assets to a living trust, but the process is not easy. You will need a foreign lawyer to help you transfer the foreign assets into the trust. You may also need the foreign lawyer to create a new trust for the assets located in the foreign country.
Generally, a trust should be established as a US trust if there is or will be US beneficiaries. If the trust will only have non-US beneficiaries, then structuring the trust as a foreign trust will prevent any gains from the sale of US real property from being subject to the 3.8% Medicare tax.
The main form is the Form 3520-A ? which is used when a US person is an owner of a foreign trust. The other form is Form 3520, which is used when a person has ownership of a foreign trust, engages in certain transactions with the foreign trust, or receives a distribution from the foreign trust.
A foreign trust with a U.S. owner must timely file a complete and accurate Form 3520-A and furnish the required annual statements to its U.S. owners and U.S. beneficiaries in order for the U.S. owner to avoid penalties for the foreign trust's failure to file a Form 3520-A.