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,
Settlor - Tax implications?
Moderator: Mark T Serbinski CA CPA