Uncompensated Use of Foreign Trust Property: HIRE Act Treats as Trust Distribution

George Harris and Jennie Cherry of Kozusko Harris Vetter Wareh LLP, have written on the recent changes effecting grantors and beneficiaries of off-shore trusts.  The Hiring Incentives to Restore Employment Act which passed in March includes a panoply of changes that will surely decrease demand for these complex instruments.  The days of simply using offshore trustee services and foreign beneficiaries to skirt onerous domestic taxation appear to be dwindling.  For a full report please read the article here.

Posted by Chait Kamireddy, Associate Editor, Wealth Strategies Journal.