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The Cross-Border Advisor Series · Book 4 · In preparation

Foreign Beneficiaries of U.S. Estates and Trusts

A Guide for Trustees and Executors

A guide for the U.S. trustee or executor who pays an heir or a trust beneficiary living outside the United States. The book treats both sides of the payment: how the beneficiary’s country taxes what arrives, whether as an inheritance, a distribution or a lifetime gift, and what the fiduciary must withhold, report and clear before paying. It closes with U.S. retirement accounts and U.S. mutual funds that pass to beneficiaries abroad.

In preparation. The publication date will be announced. A publication notice can be requested on this page.
AuthorCaroline E. Ashford, PhD, JD
Publication dateIn preparation
ExtentAbout 470 pages; 13 chapters in four parts
LanguageEnglish
PriceUSD 200
SeriesThe Cross-Border Advisor Series, Book 4 of 6
OrderingOrders are accepted on publication; a publication notice can be requested now
Notify me at publicationContents

Summary

  1. 1.The inheritance tax of the heir’s country, in the recipient-based systems of continental Europe and the estate-based system of the United Kingdom, with the rates and allowances of 2026 and short sections for the five countries.
  2. 2.How the beneficiary’s country characterizes and taxes a distribution from a U.S. estate or trust, and a lifetime gift received from the United States.
  3. 3.Withholding on distributions to foreign beneficiaries, the fiduciary as withholding agent, and the reporting on Schedule K-1, Form 1042-S or both.
  4. 4.Form 1041 with foreign beneficiaries: distributable net income with foreign-source items, the foreign tax credit and the foreign estate.
  5. 5.FATCA classification of trusts and estates, the Common Reporting Standard and automatic exchange of information, and FBAR and Form 8938 for fiduciaries.
  6. 6.Clearance before distribution: sanctions screening, the lien and the fiduciary’s personal liability, the federal priority statute, transferee liability, refunding agreements and holdbacks.

Readership

The book is written for trustees, executors, trust officers and their advisers who pay beneficiaries abroad.

Foreign law is treated comparatively for five countries: Germany, France, Switzerland, Italy and the United Kingdom. The applicable tax treaty is treated as the rule rather than the exception.

The book stands alone. Its first chapter, on status, situs, the treaties and the reporting forms, is shared by the six books of the Cross-Border Advisor Series and adapted to the readers of each. Where another book of the series treats a rule in full, this book carries a working summary of the rule or refers to that book by short title and section.

A villa with gardens above a lake in the mountains

The Four Parts

Chapter titles as planned; they may change before publication. The book also carries a preface, a page on the companion books, a table of abbreviations, a figures appendix, a bibliography, a table of authorities and an index.

I

Part I. Foundations

1Foundations: Status, Situs, the Treaties and the Reporting Forms

II

Part II. The Beneficiary’s Country

2The Heir’s Country: Recipient-Side Inheritance Tax, with Short Country Sections

3Distributions Received Abroad: How the Beneficiary’s Country Taxes a Trust or Estate Distribution, with Short Country Sections

4Lifetime Gifts Received Abroad: The Recipient Country’s Gift Tax, the Gift Tax Conventions and the Donee’s Reporting

III

Part III. The U.S. Fiduciary’s Compliance

5Withholding and Fiduciary Liability on Distributions to Foreign Beneficiaries

6Reporting the Distribution: Schedule K-1, Form 1042-S or Both

7The Fiduciary Income Tax Return of the Estate or Trust with Foreign Beneficiaries: Form 1041, Distributable Net Income with Foreign-Source Items, the Foreign Tax Credit and the Foreign Estate

8FATCA Classification of Trusts and Estates

9The Common Reporting Standard and Automatic Exchange of Information: CRS, DAC6, DAC8 and CARF

10FBAR and Form 8938 for Estates, Trusts and Fiduciaries

11Clearance Before Distribution: Sanctions Screening, the Fiduciary’s Personal Liability, Transferee Liability, Refunding Agreements and Holdbacks

IV

Part IV. Retirement Accounts and Funds Passing Abroad

12U.S. Retirement Accounts with Foreign Beneficiaries

13Inheriting U.S. Mutual Funds Abroad: The PFIC Problem and Its Mirror Image, with Short Country Sections

Publication Notice

A single notice on publication, with format and ordering details. No other mailings.

Contents, price and publication date may change. The cover shown is provisional.

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The Cross-Border Advisor Series

The Other Books in the Series

Six numbered books for professionals who advise clients with assets, residences, heirs or trusts in more than one country, each published and sold on its own. The series