Fundamentals Of Foreign Trust Administration
|Date / Time:
Many U.S. taxpayers have or are considering establishing a foreign trust for privacy, asset protection or other purposes. In addition, many nonresident aliens establish foreign trusts before moving to the U.S. When Is a Trust a Foreign Trust
This webinar will help you understand the different types of foreign trusts, how they are administered, the U.S. tax treatment of foreign trusts and their grantors and beneficiaries. It will also help you understand and comply with the FATCA rules and the new withholding tax applicable to foreign entities, including foreign trusts.
Overview of Foreign Trust Issues
Types of Foreign Trusts
- Foreign Governing Law
- Change in Situs and Governing Law Provisions
- Liechtenstein Siftungs, Swiss Foundations; Panama Foundations; Nevis Privacy Trusts
- Foreign Trustees
Administration of Foreign Trusts
- Foreign Grantor Trusts
- Foreign Nongrantor Trusts
- Simple vs. Complex Trusts
- Absolute vs. Discretionary Trusts
- Privacy Trusts
- Asset Protection Trust
U.S. Tax Issues
- Corporate Trustees
- Letters of Wishes
- U.S. Persons as Excluded Beneficiaries
FinCEN Form 114 Reporting RequirementsAbout The Presenter
- Classification of Foreign Entities as Trusts or Corporations
- Section 679
- U.S. Grantor
- Foreign Grantor and 5 Year Rule
- Form 3520 and 3520-A
- Accumulation Distributions
- Nonqualifying Loans From the Foreign Trust
- Professional Trustees and Participating FFI Status
- Other Trustees and NFFE Status
- Reporting by Foreign Trust
- Reporting by U.S. Beneficiary on Form 8938
Charles K. Kolstad
- Counsel in the Los Angeles Office of Venable LLP
- Advises accountants, business managers and clients throughout the U.S. on the income tax issues and reporting requirements that arise when individuals or companies conduct business outside of the U.S.
- Advised on a wide range of out-bound and in-bound partnership and corporate transactions
- Represents some 50 clients with unreported foreign bank accounts
- Frequent speaker on income tax and international reporting requirements, and regularly prepares tax bulletins on topical issues
- During his career, he has been a tax partner at both Coopers & Lybrand and Ernst & Young
- J.D. degree, The University of Notre Dame; M.B.A. degree, Columbia University; B.Sc. degree, Villanova University
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