My clients are a married couple who are US citizens and residents. They have put in place US wills together with a revocable trust in order to avoid costly probate on their deaths. They are the only trustees and have assigned all their current and future assets to the trust. Until recently all their assets were in the US but they are planning on moving to the UK shortly for work and have bought an English home. Does this trust have any IHT consequences in the UK?
US revocable trusts (or ‘living trusts’) are standard estate planning tools used throughout many US states. However while convenient and tax-efficient in the US the UK consequences of such trusts can be complex.
Typically the settlors (or grantors) are entitled to income during their lifetime and...
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