The Perils and Pitfalls of Foreign Gifts and Trusts

The U.S. tax landscape presents significant hurdles when assets and interests cross international borders. Join Frost Law Directors, Umesh Patel, Esq., and Eric Lanning, Esq., on December 18th at 12 PM for a discussion on the intricate reporting and tax considerations involving foreign gifts and trusts.

They’ll provide clarity on key rules, reporting obligations, and potential pitfalls for taxpayers with foreign connections.

What You Will Learn:

• Inbound and Outbound Gifts: Understand the U.S. reporting and tax consequences associated with receiving or making gifts to/from foreign sources.
• Basis Considerations: A clear explanation of the differences between Carryover Basis and Stepped-Up Basis in international contexts.
• Defining a Foreign Trust: Gain an understanding of what constitutes a "foreign trust" under U.S. law.‍
• Trust Reporting and Tax: Explore the U.S. reporting and tax consequences of having an interest in a foreign trust.