This is especially the case when there are multiple tax jurisdictions to consider, and even more so when there are structures such as trusts involved. Trusts are becoming increasingly common to help simplify administration of an estate including probate as well as for wealth preservation.
Whether you are the settlor or beneficiary of a trust or the recipient of assets from an estate, income and capital gains tax need to be considered and sometimes complex rules navigated. Our experienced team can help guide you through and ensure you have the knowledge you need.
Our Trusts and Estates services include:
- Integrated UK/US tax input into estate plans implemented by a legal advisor.
- Advising on the tax implications for US persons receiving distributions from trusts resident outside the US.
- Preparation of UK and US trust income tax returns.
- Preparation of inheritance tax returns to report capital distributions from UK trusts.
- Preparation of Foreign Non-Grantor Trust Beneficiary Statements.
- Planning for potential UK inheritance tax and US estate tax exposure.
- Advising on the tax implications for UK residents receiving distributions from trusts resident in the US or elsewhere.
- Preparation of US gift tax returns.
- Computation of Distributable Net Income and Undistributed Net Income