Trust Attorney Any Foreign Countries
Description
How to fill out Power Of Attorney By Trustee Of Trust?
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FAQ
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.
While you can choose a non-citizen trustee, you should look for someone who is, at minimum, a resident of the United States to be your trust's fiduciary. You want to avoid the risk of your trust being classified as a foreign trust for federal or California tax purposes.
For the purpose of part I, subchapter J, chapter 1 of the Internal Revenue Code, the term foreign trust created by a United States person means that portion of a foreign trust (as defined in section 7701(a)(31)) attributable to money or property (including all accumulated earnings, profits, or gains attributable to ...
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.
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.