OOOPS! I Created a Foreign Trust (Part I)

Often, persons living abroad are asked to help care for an elderly parent who lives in the USA.  Similar situations can arise for other family members, some of whom may be US citizens living outside of America, but who need assistance due to age or health-related issues. Quite often the care required is simply a matter of handling the person’s financial matters, a task which they may not feel comfortable to do alone.  This can be accomplished by using a properly drafted power of attorney. It can also be done person if the person in need of help creates a trust. Use of the trust adds the possibility of estate planning for the individual’s assets. This blog post will focus on use of the trust vehicle to assist with parental care or other family planning when the beneficiaries are US persons. In a typical example, an elderly parent would create the trust with his/her own assets, the parent may retain the right to amend or revoke the trust and will name…

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