The IRS has clearly identified legitimate reasons why "U.S. Persons" would establish or maintain ownership in a foreign trust ...

Even when a trust is irrevocable, its tax status can sometimes be changed from grantor to non-grantor (or vice versa ... Future brands Receive email from us on behalf of our trusted partners ...

Trust funds are estate planning tools used to accumulate wealth for future generations. Beneficiaries are responsible for paying taxes on money inherited from a trust.

If non-willful, the penalty is $10,000 (also adjusted for inflation). Section 6038D requires U.S. persons who hold “specified foreign financial ... represents a grantor trust under the grantor ...