Title: The good and bad news for US Citizens: Schedule 20 Finance Act 2006
Abstract: For the 75,000 families in the UK who count at least one US citizen as members, the UK inheritance tax (IHT) changes implemented by Schedule 20 Finance Act (FA) 2006 were in many cases particularly unwelcome. The US taxes its citizens on a worldwide basis irrespective of their country of residence, and therefore such families require tax and estate planning that is appropriate both for the UK and the US. Those of us who work with US lawyers and tax advisers to implement such planning will know that they have an even greater love of trusts than we do for estate planning and in particular the ‘living trust’. During the lifetime of the settlor the living trust is an onshore US ‘revocable grantor trust’(i.e. it is treated as a complete see-through on to the settlor), but then provides for estate planning and dispositions on the settlor's death. The living trust...
Publication Year: 2006
Publication Date: 2006-11-28
Language: en
Type: article
Indexed In: ['crossref']
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Cited By Count: 2
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