I have a hypothetical question - let's assume we have a Canadian citizen and resident who wishes to provide a bequest in his or her will to be held in trust for an American minor. What is the best way to accomplish this with a minimum of reporting hassles? My understanding is that a Canadian trust would have annual IRS reporting requirements. Would a US trust get around that?
Cheers!
Luke
Trust Question
Moderator: Mark T Serbinski CA CPA
For an testamentary trust, it does not exist until death, so nothing need be done until then.
The best would be for you to set up the trust at that time. The wording of the will could ensure that the childs's current guardian do this.
The best would be for you to set up the trust at that time. The wording of the will could ensure that the childs's current guardian do this.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best