The U.S. tax landscape presents significant hurdles when assets and interests cross international borders. Join Frost Law Directors, Umesh Patel, Esq., and Eric Lanning, Esq., on December 18th at 12 PM for a discussion on the intricate reporting and tax considerations involving foreign gifts and trusts.
They’ll provide clarity on key rules, reporting obligations, and potential pitfalls for taxpayers with foreign connections.
What You Will Learn:
- Inbound and Outbound Gifts: Understand the U.S. reporting and tax consequences associated with receiving or making gifts to/from foreign sources.
- Basis Considerations: A clear explanation of the differences between Carryover Basis and Stepped-Up Basis in international contexts.
- Defining a Foreign Trust: Gain an understanding of what constitutes a "foreign trust" under U.S. law.
- Trust Reporting and Tax: Explore the U.S. reporting and tax consequences of having an interest in a foreign trust.
About the Speakers
Umesh Patel is an International Tax Director at Frost Law, a reputable law firm located in Annapolis, MD. With a strong background in tax and business law, Umesh is a valuable asset to the firm and its clients. Umesh began his legal career in 2006 after earning his Bachelor of Laws from the University of Auckland School of Law. From there, he went on to obtain a Master of Laws in Taxation and Business Law from Duke University School of Law in 2015. With his extensive knowledge and experience in these fields, Umesh has been able to provide exceptional legal services to clients, helping them navigate complex tax and business matters.
Eric Lanning is Counsel at Frost Law with over twenty years of experience as a tax and estate planning attorney. He frequently advises business clients on how to navigate the tax issues that arise in the purchase or sale of a business and strives to provide solutions that will minimize the tax burden to the client. Eric has significant transactional experience and can assist clients with getting a business ready for sale through a reorganization or restructuring. Eric can also help the seller to structure an installment sale transaction to better manage the tax resulting from the sale of a business. Eric has also developed deep knowledge of online investment scams involving cryptocurrency, commodities, and other investment products, and frequently advises clients about the potential deductibility of scam losses.