Ted Citrome of Torkin Manes LLP in Toronto handled an estate plan for an Ontario resident, which included creating a family trust (the “Family Trust”) to hold significant assets, including Canadian entities. The client’s son, a U.S. resident for tax purposes, was a beneficiary, complicating U.S. tax reporting.
U.S. tax law demands strict reporting for foreign trusts with U.S. beneficiaries unless classified as “foreign grantor trusts.” Ted Citrome collaborated with Chris Goodrich of Crady Jewett McCulley & Houren LLP in Houston to draft the trust to meet the criteria, thus reducing the reporting burden.
Their successful collaboration highlights the importance of cross-jurisdictional expertise in estate planning. IR Global connects professionals worldwide, offering the necessary support for complex estate plans involving international elements.
Featured Members
They are longstanding IR Global members, both joining the network in 2017. They successfully utilise their memberships and regularly call on other members for international and regional support.