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Will a Foreign Trust Reduce Your U.S. Taxes and Protect Assets?

Whether it is to move assets and income offshore or to protect assets, one of the more common questions we receive from taxpayers across the globe involves foreign trusts. Namely, will creating a foreign trust protect the Taxpayer’s assets along with reducing their tax liability? In general, foreign trusts operate similarly to U.S. trusts, noting that over the past few years, the IRS has honed in on the enforcement of foreign trust compliance. The IRS has developed various programs aimed at investigating abusive foreign trusts as well – so before being goaded into forming an expensive offshore trust, it is important to be aware of these important facts.