Jane Johnson (Birketts) advises on the IHT consequences of a US trust for US citizens moving to the UK.
Question
My clients are a married couple who are US citizens and residents. They have put in place US wills together with a revocable trust in order to avoid costly probate on their deaths. They are the only trustees and have assigned all their current and future assets to the trust. Until recently all their assets were in the US but they are planning on moving to the UK shortly for work and have bought an English home. Does this trust have any IHT consequences in the UK?
Answer
US revocable trusts (or ‘living trusts’) are standard estate planning tools used throughout many US states. However while convenient and tax-efficient in the US the UK consequences of such trusts can be complex.
What...
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Jane Johnson (Birketts) advises on the IHT consequences of a US trust for US citizens moving to the UK.
Question
My clients are a married couple who are US citizens and residents. They have put in place US wills together with a revocable trust in order to avoid costly probate on their deaths. They are the only trustees and have assigned all their current and future assets to the trust. Until recently all their assets were in the US but they are planning on moving to the UK shortly for work and have bought an English home. Does this trust have any IHT consequences in the UK?
Answer
US revocable trusts (or ‘living trusts’) are standard estate planning tools used throughout many US states. However while convenient and tax-efficient in the US the UK consequences of such trusts can be complex.
What...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
