Discussion:GRANTOR TRUST
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| Revision as of 20:42, 13 December 2007 Dennis (Talk | contribs) (Sort of, but see) ← Previous diff |
Revision as of 21:43, 13 December 2007 LKfromCANADA (Talk | contribs) (Sorry, her daug) Next diff → |
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| {{ForumReplyPost|UserID=Dennis|Date=13 December 2007|Text=Sort of, but see (f)(2). You have to analyze the document to see what if anything changes when grantor becomes incapacitated. If nothing unusual the trust will be invisible for US purpose and all you have is the residence change. No idea what happens in Canada.}} | {{ForumReplyPost|UserID=Dennis|Date=13 December 2007|Text=Sort of, but see (f)(2). You have to analyze the document to see what if anything changes when grantor becomes incapacitated. If nothing unusual the trust will be invisible for US purpose and all you have is the residence change. No idea what happens in Canada.}} | ||
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| + | {{ForumReplyPost|UserID=LKfromCANADA|Date=13 December 2007|Text=Sorry, her daughter is a U.S. resident. All assets in the trust are U.S. I think I still have a U.S. trust. }} | ||
Revision as of 21:43, 13 December 2007
Discussion Forum Index --> Advanced Tax Questions --> GRANTOR TRUST
Discussion Forum Index --> Tax Questions --> GRANTOR TRUST
LKfromCANADA (talk|edits) said: | 13 December 2007 |
| I have a client who set up a grantor trust that holds numerous investments. She recently returned to Canada due to health reasons. She is NOT a U.S. citizen and will be filing a 1040NR. Her daughter has now taken over as trustee as the client is not mentally capable of managing her affairs. Do we still have a grantor trust?? | |
| 13 December 2007 | |
| Yes. In general, however, when grantor is not trustee the trust might be resident wherever the trustee is. Check local law for entity compliance. | |
LKfromCANADA (talk|edits) said: | 13 December 2007 |
| I think I found something. Section 672 states that foreign persons aare not treated as owners?? | |
| 13 December 2007 | |
| Sort of, but see (f)(2). You have to analyze the document to see what if anything changes when grantor becomes incapacitated. If nothing unusual the trust will be invisible for US purpose and all you have is the residence change. No idea what happens in Canada. | |
LKfromCANADA (talk|edits) said: | 13 December 2007 |
| Sorry, her daughter is a U.S. resident. All assets in the trust are U.S. I think I still have a U.S. trust. | |
