Settlor - Tax implications?

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Settlor - Tax implications?

Post by Sammi » Wed Jan 02, 2019 6:52 pm

Good afternoon,

First would like to say thank you to everyone involved with answering questions and keeping this board running.

I have been reading some old threads on being executor and have decided against this (for family in Canada) as the reporting requirements seem like a headache. However, I am wondering if there are any tax implications now that I am resident of the states (Canadian citizen) for being a settlor on a wealthy siblings trust. More importantly back in 2014 I agreed and signed off on being settlor and don't fully understand my role and if there are any tax/reporting consequences in the USA now that I am resident. Do I need to rescind (if this is a possibility?). I am not a beneficiary of the trust, so basic logic says I should not have any tax consequences, but I would like to CMA, just in case there is a reporting requirement and I really don't want to deal with that.

Thank you kindly,

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