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Trusts classified as foreign for U.S. tax purposes, whether established under the law of a U.S. state or of an offshore jurisdiction, must review whether they have any U.S. tax or information reporting filings to make in 2019 with regard to income earned and distributions made in 2018. This article provides trust officers and family advisers with a summary checklist, including other filing and reporting requirements for foreign trusts.

Even the best laid plans or checklists for filing the various U.S. forms on time can sometimes go astray. When they do, it is prudent to request an extension to file the particular return. Careful attention should be paid to where and how to submit the request, as procedures are not necessarily the same for all returns.

The creation of a charitable remainder trust can provide you with a lifetime income stream while helping fulfill legacy goals of supporting charitable organizations that are important to you. There are two kinds, which are minor variations of each other: the Charitable Remainder Annuity (CRAT) and the Charitable Remainder Unitrust (CRUT).

The U.S. Supreme Court will revisit state tax nexus for the second year in a row after granting North Carolina’s petition for certiorari in North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust (Docket No. 18-457). Kaestner and Fielding could have significant implications on the state taxation of trusts. All multistate taxpayers should prepare for the potential wider-ranging impacts of the U.S.

Under the current U.S. tax code, there are three critical areas that can help high-net-worth individuals, families, and business owners maximize their wealth planning potential. We frame these areas in the form of corresponding emerging themes—estate tax, income, and charitable planning—and propose actionable strategies. This is just a first step, one that will inspire many conversations to help ensure that your wealth plan keeps pace with the tax reform changes.

In late 2017, the sweeping tax reform was passed in the United States and created incredible opportunities for estate planning for high-net-worth families. It also served as a good reminder to review your estate plan to be sure that it is consistent with your current goals and is flexible to promote tax efficiency under today’s tax laws—as well as the unknown tax laws of the future.

The Tax Cuts and Jobs Act of 2017 is sweeping in its reach, and divorce situations are not immune from its influence. The new tax law changes the tax treatment of alimony for both the payer and the recipient. For divorces finalized prior to January 1, 2019, this new tax treatment will not apply and will be grandfathered under the rules of the prior law. It is important to review your settlement agreement in light of these tax law changes, and consider modification of an existing agreement if appropriate.

With the passage of the Tax Cuts and Jobs Act in late 2017, virtually all areas of federal tax law saw sweeping changes.

The Tax Cuts and Jobs Act of 2017 created a new tax incentive, the Qualified Opportunity Fund (QOF), designed to encourage long-term investment in low income communities.