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,
This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
Moderator: Mark T Serbinski CA CPA
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