QUESTION
Am I allowed to hold a trust for a non-American for an indefinite amount of time?
Asked on Mar 13th, 2013 on Taxation - Michigan
More details to this question:
I work in the GCC and my Syrian uncle sent me a $50,000 USD trust. He wants me to keep it in case, God forbid, something happens to him in the escalating violence in Syria. I transferred this money from my GCC account to my USA account (because I have a savings that I can use for him) but now I am worried. Is this considered taxable? Was there any paperwork I was supposed to fill out? Should I notify my bank, or let sleeping dogs lie (note: I tried calling the bank but for some reason it seems to reject international calls)? Will the sudden surge in my bank account in the USA place some type of red flag on my name? Any help, advice, or light shed on the issue is much appreciated!
1 ANSWER
Appellate Attorney serving Grosse Pointe Farms, MI
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Generally, income from the trust in the United States would require payment of the United States taxes by the trust, not necessarily yourself. As trustee will be responsible to see that that happens. I would suggest you consult with an attorney with the details and get specific information and answers.
Answered on Mar 14th, 2013 at 2:45 PM