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New Hampshire Foundations Law Welcomes Foreign Wealth

[...]it is fairly easy for a family to use a foundation to achieve certain tax and wealth-transfer objectives. If a foundation is classified as a trust for federal tax purposes, then it will be classified as either a domestic trust or foreign trust,6 and it will be classified as either a grantor tru...

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Bibliographic Details
Published in:Estate Planning 2019-08, Vol.46 (8), p.34-36
Main Authors: Mayo, Todd D, Sanborn, Von E
Format: Article
Language:English
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Summary:[...]it is fairly easy for a family to use a foundation to achieve certain tax and wealth-transfer objectives. If a foundation is classified as a trust for federal tax purposes, then it will be classified as either a domestic trust or foreign trust,6 and it will be classified as either a grantor trust or a nongrantor trust.7 In turn, those classifications will determine the extent to which the foundation's income is taxable and will determine who is taxable on such income. [...]the authors expect the use of New Hampshire foundations to become used fairly widely as practitioners become more familiar with their benefits and as more families from continental Europe and South America look to keep some of their wealth in the U.S. Finally, note that, beginning on 7/1/2019, Wyoming becomes the second state to permit the use of foundations.
ISSN:0094-1794