Beneficiary Estate Other Foreign
Description
How to fill out Crummey Trust Agreement For Benefit Of Child With Parents As Trustors?
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FAQ
The answer is yes. You can name a son or daughter living in another country as your beneficiary. Of course, you must include all your information in the policy, the legal name of your relative, the date of birth, the identity number, the relationship, the mailing address, the telephone number and an email address.
In addition to the withholding requirement, naming a beneficiary who resides in a foreign country may allow the foreign country to tax the property and accounts of the trust. In most cases, a foreign person is subject to US tax on its US source income.
Trusts can have multiple beneficiaries, including the trustee. Naming a non-US citizen as a beneficiary of a Trust could have consequences for inheritance or income-tax. For one, selecting a foreign citizen as a beneficiary can expose the Trust to increased tax liability.
Naming a Non-US Citizen as Beneficiary Naming a non-US citizen as a beneficiary of a trust can expose the trust to increased tax liability or could result in double taxation. In addition, there may be complexities of transferring or making distributions to a non-US trustee depending on the country of citizenship.
It is essential to properly file a timely IRS Form 3520 to report a foreign inheritance or foreign gift received by a U.S. person as large penalties may be imposed on a taxpayer if the IRS later discovers that an inheritance was not properly declared when received using Form 3520.