Proposed Foreign Trust Regulations–
The Good, The Bad, The Same
George McCormick, Partner at Baker Hostetler LLP, New York, will discuss new proposed regulations issued by the IRS regarding foreign trusts, foreign gifts, and foreign retirement plans. The regulations include some prior guidance issued by the IRS, while also addressing new topics and adding new reporting rules not included in previous IRS notices or regulations.
The program will cover:
-When to report distributions from a foreign trust, how, and on what forms
-Reporting on loans from foreign trusts
-New rules not included in prior IRS guidance
-Updates for reporting large foreign gifts
-Some relief for foreign retirement plans
This event is sponsored by AITi Tiedemann Global (Lunch) and Baker & Hostetler LLP (Venue).
OUR SPEAKER
George McCormick advises high net worth individuals and their families, entrepreneurs and business owners, family offices and trust companies on U.S. federal tax and estate and trust planning. A significant part of George's practice is cross-border tax and wealth planning advice. He counsels non-U.S. individuals and U.S. citizens residing overseas, providing trust and succession planning advice for their U.S. family members, creating foreign grantor trusts and administering foreign non-grantor trusts. He assists non-U.S. clients with structuring tax efficient investments in U.S. real estate, funds and other U.S. situs investments, in addition to tax planning for immigration to the U.S. George advises U.S. citizens living abroad, or who invest overseas, on a range of issues, including tax, estate and expatriation planning, focusing on the relevant non-U.S. legal and tax issues that may affect them. He developed his skills in international tax planning by practicing law in Hong Kong for more than five years early in his legal career. George is a member of STEP.
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STEP New York
step.newyork@step.org