Can set up a irrevocable trust so that my relatives in a foreign country (canada) can be the beneficiaries?
My family circle have some relatives within Canada, simply wondering can they be the beneficiaries of a irrevocable trust or what can we do to insure they receive their entitled portion of the estate. Thanks in mortgage.
Answers:
Yes, you can. They will involve to provide you next to their Canadian federal identifiers, or some form of permit novel to them.
I'm not sure if the US management may duty them as non-resident aliens subject to federal taxes on the interest earn on the trusts (30% or so), so check beside a tariff representative.
And excise treatment to the beneficiaries may fluctuate within Canada than surrounded by the US, so yo may want to explore beside court or trust planning advisors that are identifiable next to Canadian regulation so your beneficiaries are not subject to any undue or excessive financial burden (i.e. taxes) from your gifts.
Make sure you are clear on what documents and procedures will be required from the trust administrator...it will not be as jammy as it would be near U.S. citizen beneficiaries.
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Answers:
Yes, you can. They will involve to provide you next to their Canadian federal identifiers, or some form of permit novel to them.
I'm not sure if the US management may duty them as non-resident aliens subject to federal taxes on the interest earn on the trusts (30% or so), so check beside a tariff representative.
And excise treatment to the beneficiaries may fluctuate within Canada than surrounded by the US, so yo may want to explore beside court or trust planning advisors that are identifiable next to Canadian regulation so your beneficiaries are not subject to any undue or excessive financial burden (i.e. taxes) from your gifts.
Make sure you are clear on what documents and procedures will be required from the trust administrator...it will not be as jammy as it would be near U.S. citizen beneficiaries.