Grantor Trust Agreement Foreign Beneficiary
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How to fill out Grantor Trust Agreement Foreign Beneficiary?
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FAQ
A nonresident alien is the grantor and the only trust beneficiary and potential current beneficiary of the ESBT. The nonresident alien is not a resident of a country with which the United States has an income tax treaty.
A Foreign Grantor Trust is a trust in which either: (a) the Grantor reserves the right to revoke the trust alone or with the consent of a related party, or (b) the Grantor (and spouse, if any) is the sole trust beneficiary during the Grantor's lifetime.
Cary Trusts with a Foreign BeneficiaryTrusts 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.
About the Foreign Grantor Trust Owner StatementThis form is required by the Trustee of the foreign trust, to provide the IRS with information as to which US Beneficiary received a foreign trust distribution.
A foreign trust with a U.S. owner must file Form 3520-A in order for the U.S. owner to satisfy its annual information reporting requirements under section 6048(b).