Income Tax Matters Concerning Foreign Assets for Dual Residents
Dual residents must be aware of the different income tax considerations when dealing with foreign and domestic trusts.
The determination of a trust’s residency is different between a foreign and a domestic trust. A foreign trust is any trust other than a domestic trust and a domestic trust is a trust that satisfies both the court test and the control test. Given that a domestic trust must satisfy a number of requirements, it seems much easier to establish than a foreign trust. This white paper reviews the different types of foreign trusts that may be part of your client’s estate plan and the necessary court and control tests.
Partner and chairman of the Taxation and Estate Planning Group of Connell Foley LLP (Resident in the Roseland, NJ office)
Practice is dedicated to sophisticated tax planning for individuals, businesses, estates and trusts, with a particular emphasis on national and multinational estate planning, as well as as-set protection planning
Lectures extensively and frequently publishes in legal and business journals on a variety of tax and estate planning issues, including those related to federal estate, gift and income tax issues, wealth preservation, trusts, and a multitude of other planning techniques
Admitted to practice in six states, the District of Columbia and United States Tax Court
Recognized for the past 10 years in “Best Lawyers in America” in the areas of trust and estates, trust and estates – litigation, and tax litigation and controversy
LL.M. degree in taxation; J.D. degree, New York University