As tax laws in the US, UK and around the world become ever more complex, and with stricter penalties for non-compliance, solid, practical tax advice remains an extremely important element for effectively managing the financial and legal affairs of trusts, estates and families.
Compliance tends to be retrospective, such as the realisation of a gain or the disclosure of an asset. Equally important is the need to create the right tax framework for your trusts and other assets so that tax issues are handled smoothly, making sure of the efficient receipt of funds by the relevant parties.
For example, there are significant US Federal income tax issues in respect of US persons receiving benefit from a foreign trust and the same is present for a UK resident settlor or beneficiary of a US trust structure.
Our experienced UK and US tax specialists in the Frank Hirth Trust, Estate & Family team will help you meet your compliance requirements, while also helping you to implement efficient tax strategies on your trusts and estate so that you or your beneficiaries do not end up paying excess tax.
Since 2004, the IRS has had the statutory authority in cases where a US person willfully fails to disclose balances… twitter.com/i/web/status/1…
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