Revocable Trust Regarding Foreign Property
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FAQ
One significant mistake parents often make when establishing a revocable trust regarding foreign property is not clearly defining their intentions and terms. Ambiguities can lead to disputes among beneficiaries or unintended consequences. Additionally, failing to consider the tax implications of foreign assets can complicate matters. It’s crucial to consult with legal experts, such as those at US Legal Forms, to navigate these complexities and ensure your trust meets your family’s needs.
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.
What is a foreign trust? From a legal standpoint, a foreign trust is a trust over which a U.S. court is not able to exercise primary supervision or a trust over which U.S. persons don't have the authority to control substantially all decisions of the trust.
Most nations do not recognize the trust as we do in the United States and will not necessarily follow the dictates of the trust instrument?or even recognize that the trust entity can own anything. Indeed, the simple Will may not work to transfer the property.
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.