Topic: “Form 3520 Reporting Under The Proposed Regulations”
Host: Jonathan I. Shenkman, President & Chief Investment Officer of ParkBridge Wealth Management (Contact: jonathan@parkbridgewealth.com)
Presenter: Galia Antebi, LL.M, Member, Head of Tel Aviv Office, Ruchelman PLLC (Contact: antebi@ruchelaw.com)
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Jonathan Shenkman: Okay, I'm gonna let people in for another 30 seconds. Then we'll get started.
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Jonathan Shenkman: Good morning and welcome to the Park Bridge wealth management, Winter Webinar Series. This program is entitled Form 3,520, reporting under the new proposed regulations. As always, my name is Jonathan Shankman. I'm the president and Chief investment officer of Park Bridge wealth management.
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Jonathan Shenkman: In that role I serve in a fiduciary capacity to help my clients achieve their financial objectives. The goal of my programs is to bring professionals together to help them better serve their clients, and this is done by educating attendees on the latest topics in wealth, planning, and by encouraging collaboration between a client's attorney, Cpa. And financial advisor, where appropriate my practice focus on working with high net worth families, businesses and not-for-profits.
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Jonathan Shenkman: I manage individual investment accounts, investment portfolios, trust accounts, corporate time and plans and endowments to help my clients achieve their financial goals. In addition to the 20 or so events I run every year. I also do a fair amount of writing on the topics of investing and financial planning. You can read my work in a variety of periodicals, including Barron, Cnbc. Forbes, Kiplinger, the Wall Street Journal, and Trust and Estates Magazine to name just a few.
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Jonathan Shenkman: You can see all my work on my website at parkbridgewealth.com forward slash articles, or by following me on social media at Jonathan on money. Additionally, you can check out my weekly, podcast which is also called Jonathan on money. And you can listen to that in apple spotify or wherever you get your podcast today, we're privileged to hear from Galia and Tebby, member and head of Ruffleman Advisory, where she splits her time
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Jonathan Shenkman: between New York and the Tel Aviv offices. Gaia has advised us and foreign clients on us tax consequences of cross-border transactions for over 15 years. She advises non-us clients on foreign investment, or Us. Real estate, which often includes estate, tax planning for clients that are foreign individuals. Gaia has significant experience, counseling high net worth individuals and multinational families with respect to wealth, preservation.
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Jonathan Shenkman: often focusing on the use of trust. A significant part of her practice involves pre-immigration, planning for non-us individuals and expatriation planning for us individuals. Furthermore, as technology companies realize large liquidity events. In recent years Gaia developed a special understanding of equity, based compensation issues in cross-border settings where she advises entrepreneurs on personal tax matters as they contemplate their compensation package or exit strategy.
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Jonathan Shenkman: Today Gallia will be speaking on form 3,520, reporting under the proposed regulations, and with that introduction I'll now turn the program over to Gallia.
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Galia Antebi: Thank you. Hi, good morning, everyone, and good afternoon. If anyone is joining us from this neck of the woods, I'm in Tel Aviv today, and let's begin. So the new proposed Regs didn't really add much. And I think that it's important to say that, because often, when you see.
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Galia Antebi: when you see, when you hear of new Regs, you think that there will be new rules here. This is not really the case. It's really the 1996 regulation rules that become into regulations. So before 1996, so we didn't really have distribution reporting from foreign trusts, we didn't have foreign gift reporting. All we had was the original 60, 48 section that asked for reporting of us people
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Galia Antebi: transferring assets to foreign trusts. That is now not the case, and the rules, as you know them, is what we see in the proposed Regs
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Galia Antebi: with some clarifications. So it's good and convenient reason for us to kind of recap the when do we file form? 3,520, because there are really 3 scenarios right? There is the foreign gift, the distribution from foreign trusts, and these are not the same, although sometimes for tax purposes it might be the same, but for reporting purposes it is not.
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Galia Antebi: and the creation the creation of a foreign trust. And when we need to to do that, we need to understand who is a Us. Owner
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Galia Antebi: who is a us beneficiary, which sometimes would tell us who is an owner. In return, we need to know what is the distribution. We need to know many things. So let's sort of jump in and start looking. And let me just see if I'm going the right way. Okay, so we'll start by looking. Really, if we're looking at the form. 3,520, we have actually, the last part of it is the reporting of foreign gifts. And what's a foreign gift. It's a gift from a foreign person.
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Galia Antebi: A foreign person is really defined as someone who is not a Us. Person, and when we look to the general definition of a Us. Person, we look to 7,701, and we see, for example, a green card holder.
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Galia Antebi: We see also people that are citizens clearly, and those who are present in the United States we used to have a question. But now the proposed Regs clarifies, what do you do with a dual resident, someone who is a resident under this definition.
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Galia Antebi: but really not calculating his income tax obligation as a resident, because they're taking a treaty position under the tiebreaker rules.
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Galia Antebi: We used to be asked that question as advisors, and given what we thought was the right answer, and luckily, now the proposed Regs agree with us that we do not treat those persons as us persons. So so you do have to report right? It's a negative that is a positive on the question of having to report, because a gift from a dual resident will be a gift from a foreign person.
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Galia Antebi: Not all gifts are reported, we do report under the threshold now the threshold started with $10,000 in the code, but very soon later, when the 1st notice, with guidance, instead of the regulations, came out in 97, the Irs and Treasury decided that it makes sense to distinguish between gifts from individuals and gifts from foreign corporations and foreign partnerships. So for foreign corporations and partnerships, it stayed at $10,000.
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Galia Antebi: And it's linked to the cost of living. So by today we're over $20,000 for individuals. They decided that it really makes more sense to make the threshold higher. And it's $100,000,
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Galia Antebi: and you do clearly aggregate. So when you count your 100,000, you count all the gifts from one person, and you also count from related persons. And so, if you get, instead of getting a hundred 1,000 from
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Galia Antebi: only your brother, you'll be getting it from 5 of his children and and few other people. You will have to aggregate all of those and count the 100,000, and when your gifts exceeded, you're going to report it
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Galia Antebi: when you report the current rules, don't ask you who gave you the gift. They only ask you for the amount of the gift, some additional information like, let's say, the date, etc. But they don't ask you who gave it. One of the changes in the proposed Regs is actually, who is going to give it
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Galia Antebi: the Irs doesn't think that it's a burden which we all agree, because clearly, you know, the people who are gifting you money, otherwise they wouldn't really be gifting you
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Galia Antebi: and and you should know their status as foreign again, in order to even decide if you need to report. So so you you have all the information already. It's not an edit.
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Galia Antebi: not an added value burden. I'm sorry the 100,000 stayed 100,000 since 1997. It's almost 30 years didn't go up because it's not adjusted by the cost of living. But one of the proposed Reds actually offers that it will be so. That can be nice when it will actually go a little bit higher.
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Galia Antebi: Penalties are quite great. And we're talking about 5% for each month with a maximum of of 25%, and that applies only not only for failure like forever, but also when you file late
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Galia Antebi: and we've had a client because one of the questions that we always encounter is, when do you have to find right? For example, a parent dies and lives, and by and yes, I'm sorry I didn't say. Gifts also include includes inheritance bequests.
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Galia Antebi: and we had a client come and say that her father passed 2 years ago. She didn't get anything because there was a whole 2 year process of probate litigation whatever. When she actually got the property she went to her accountant, told him about the property she received. He asked her about the date of death, and reported the 3,520 as a late 3,520,
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Galia Antebi: 25% penalty was immediately imposed a lot of money. I think it was $300,000 she came to us, and we really decided to look more into that and check. When do you have to file? When did you receive the inheritance?
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Galia Antebi: And this was an audit process? And we went and we spoke to the Irs and the Irs agreed specifically. This agent, I can't say that it's always but agreed with us that at the end of the probate that was the right time to file. And so it really wasn't late.
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Galia Antebi: But the question will always come up, and one of the clarifying issues in the proposed Regs also talk about the fact that you have a gift, even if you don't treat it as a gift, as the recipient. Right? The recipient may say, this isn't a gift. This is a loan, so they're not filing 3,520, but the Irs would treat it under all facts and circumstances as a gift that means you have to file.
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Galia Antebi: And again, this is the question of when do you file that requires you to understand the transaction? If you had a gift, and when was the gift?
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Galia Antebi: We spoke about the Dual Resident, and and that, by the way, would also apply later, we'll see that with the case of distributions from trust and and transferring to a trust.
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Galia Antebi: I think we covered that, and with that I will go to the next slide and go to the next obligation to report. So the next obligation is under Section 60, 48. It actually encumbers 3 different requirements.
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Galia Antebi: It is the requirement to report the creation of a foreign trust and the transfer of properties to a trust, even if it is owned by someone else. Right? We may have another person who is the owner, and you're not the owner, and still you have to to report.
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Galia Antebi: And when you create the foreign trust as well, that's under a so 60, 48 a is this report? And that, too, goes on your 3,520 in one of the sections. I think it's a part one that reports the transfers to to a trust, regardless of foreign trust, regardless of it being you being an owner of that trust
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Galia Antebi: we're looking at transfers that are gratuities right, the gift to a trust. So when we have a transfer in return for consideration, that is fair market value consideration.
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Galia Antebi: We may not have income tax consequences, as we will later see under section 679.
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Galia Antebi: That may. And there is also 684. But these proposed rates don't talk about it, so it's not in our presentation, but we may have that issue kind of like saving us from having tax consequences. But that will not necessarily save us from the need to report. And I'm saying, not necessarily, because sometimes it is. And the distinction is whether you actually get something in return.
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Galia Antebi: When you make a transfer to a trust and you get something, you get cash, you get property. You get a use of a property, anything that is real, a real consideration will actually exempt you from the need to transfer.
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Galia Antebi: But if what you get is an obligation, even if it's a qualified, the true obligation that will be paid. The Irs wants to know about it, so you'll have to report, and yes, you may be exempt from the income tax consequences of it. It may not make you a Us. Owner, as you will later see, but it does go on a 3,520.
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Galia Antebi: And yes, I see I did mention here. It's going on part one and Part 2 is really the Us. Owner. If I remember correctly, then we we have our proposed Regs talking about what does it mean to transfer property to a trust
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Galia Antebi: and transfer property is directly and indirectly, clearly, and also constructively. So we we tie it up to the regulations under 679 in understanding what it is, and we see that many more things than just a regular, straightforward transfer will be
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Galia Antebi: included like an assumption of a loan payment of a loan guaranteeing a loan, transferring property to an entity that is owned by the trust, transferring a property to former foreign rental. Trust to a non grant or trust. These are all going to be, have to be reported under 30. Under this code section, in the 3,520 of the Us. Owner.
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Galia Antebi: Sometimes people confuse between 3,520 and 3,520 a. Because it's called a form for a foreign owner, a Us. Owner of a Foreign Trust. However, that form is an obligation that is under a different code section. It's the same 60, 48. But now we're under subsection. B,
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Galia Antebi: and it's really an obligation of the owner to ensure that the trustee does it right. It's the Trust's form, and the owner only sort of steps in. If the trustee doesn't do his job.
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Galia Antebi: and because the liability and the and the penalties are imposed on the owner, so 3,520 a is the form that will be reporting. I'm sorry something got into my eye will be reporting all of the accounting of the trust by the trustee. You have a balance sheet. You have everything.
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Galia Antebi: and then on top of that there will be 3 statements. There'll be a statement of all of the income that is allocated to our Us. Owner, and there will be statements on distributions and statements given to beneficiaries, so that they can include it on their 3,520.
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Galia Antebi: So again, everything here works together the 35, 20, and 35, 20, a. Everything feeds into each other. So the 35, 20. A. Is then going to be used by the owner and by the beneficiaries in their actual reporting.
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Galia Antebi: What what I mentioned earlier is the need to have a Us. Owner sort of responsible, and if the trustee doesn't do his job, then we have the owner that will do sort of like a substitute form, and we'll do it to the best of his knowledge. And it's really recommended to have an agent in the Us. Someone that the Irs can speak to and ask more information.
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Galia Antebi: because if they do, then they can speak to them, and less information will have to be submitted directly to, sort of like the books and records, wouldn't have to go directly to the Irs. But if you don't have the Us. Agent, then the Irs sort of needs to determine the amount of income and the tax treatment of the income, and therefore they will need access to the books and records. And it's just easier to have a Us. Agent instead.
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Galia Antebi: going on to the last sort of filing obligation under the 3,520. And that's the distributions. And I'll start by saying again earlier, I said. Gifts and distributions are not the same. Right? So when you get a distribution from trust, even if you treat it as a gift from the grantor of the Trust, because many, for example, many of my plans will have a Us. Beneficiary and foreign father, mother, whatever
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Galia Antebi: outside of the Us. And one of the plans that can be really efficient from our perspective is to have a trust that is really for the benefit of our Us. Person but doesn't pay us taxes. So the parents will have, for example, a revocable trust, because having a foreign rent or trust for a foreign owner is more difficult than having a foreign rental trust by a Us. Owner.
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Galia Antebi: And so one of the 2 ways of having it, and really the only way of having it. If your beneficiary is someone else, not the owner
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Galia Antebi: is, if it's revocable, so we'll have a revocable trust for a Us. Beneficiary. And clearly the tax consequence of distribution is like a gift. It's not going to be taxed
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Galia Antebi: to our beneficiary, however, it is still a distribution from a trust. So it doesn't benefit from the $100,000 threshold. And so any amount of distribution has to be reported, and it also goes on a different form.
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Galia Antebi: and it's not different form. I'm sorry. Different part of the form and the penalties are different, right? We'll see later. But I can already tell you the penalty for not filing distribution report is 35% of the amount of the distribution
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Galia Antebi: we saw earlier that for a gift the penalty was up to 25% of the gift. And so if it was really a distribution and you reported it incorrectly, you might have penalties, and that would be huge.
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Galia Antebi: so important to do that again. I think we we talked about accumulation or we didn't. But I'm sorry
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Galia Antebi: the beneficiary gets their 3,520 statement from the from the 3,520 a. The statements that would tell them there about their distribution. Again, if it's an Us. Owner sort of trust. They may not have a tax, but if it's unrelated to a Us. Owner type of trust, if it's
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Galia Antebi: like I mentioned earlier revocable from a foreign person or a non-grant or trust created by a foreign person. We may have accumulation distribution, you and I. I'm sure you all know what that is, and the throwback rules. So it's important to report everything correctly, and if it's not to the satisfactory of the Irs.
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Galia Antebi: they will have to again check all the books and records in order to determine the tax consequences. At the end of the day. We have to remember that all of this is done in order. It's a lot of reporting, but the reporting are there for the tax consequences essentially. And even though sometimes we may have an exception from an income tax perspective like the qualified obligation we earlier talked about.
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Galia Antebi: When you have that, you you don't have the the exemption from filing because the Irs wants to know. And yes, maybe we'll we'll agree with you, and we'll not have you have the tax consequences. We still want to know about everything.
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Galia Antebi: Going back to talking about distributions again, we are we. We have to understand what is a distribution so clearly everything that is
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Galia Antebi: just a direct transfer of property loans. We'll see more about loans and uncompensated use when we talk about the other code section that was subject to this proposed Regs. But these are also treated as distributions, and that means that are reportable distributions.
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Galia Antebi: Distributions. Using an intermediary is an important one, because it also talks about the fact that yes, it's a distribution, and you have to report it, but also goes to the question of when
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Galia Antebi: when we have again someone who is an agent and the agent of the trust. For example, let's think of an escrow account, or you know, a Tourney Trust account, and the trust transfers the money there, and a year later
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Galia Antebi: it goes to the beneficiary. The beneficiary is needs to report it when he gets the distribution. However, if we have someone who is not viewed as as an agent for the trust, but viewed as an agent for the beneficiary that took the money for whatever reason, potentially
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Galia Antebi: assisting in income tax consequences to our Us. Beneficiary, then the right time to report is really when the intermediary, when the agent gets it.
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Galia Antebi: And, for example, I see many clients asking me about. Oh, you know I have a non-grant, or trust I have throwback rules. Can I have my brother take the distribution and make the transfer a gift to me, I'll report the gift again. This is exactly what what this comes to, not allow, because the different tax consequences and the timing of the of the distribution and the report
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Galia Antebi: we continue again. I mentioned earlier qualified obligations again. This is not an exception. From the filing. We will see soon that it is an exception from tax treatment, because when we determine the need to file a report, one of the things we have to look at is what is a distribution, and, as I mentioned earlier.
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Galia Antebi: getting a loan from a foreign trust might be a distribution. Getting to use property of the trust might be without compensation, might be a distribution, and even if they're not, as we will see soon, because of compensation or qualified obligation, treatment is compensation.
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Galia Antebi: they still should be reported.
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Galia Antebi: So I was just talking about the distributions being loans as well and uncompensated use, and those have sometimes tax consequences.
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Galia Antebi: We can have beneficiaries getting those distributions, and that can be a taxable distribution to them. If we're talking about a non-grant or foreign trust
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Galia Antebi: that can be sometimes a distribution to them, not only for the reporting, but also again for tax purposes, even if they're not the recipient of the loan. If the recipient of the loan is a related person, it can still be taxable to them, and if the uncompensated use is not by them, that, too, can be something that they not only have to report, but also have to pay the tax on.
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Galia Antebi: We do have here the exception for qualified obligations. So if we receive a loan, but the beneficiary issued promissory note to repay, and that promissory note meets the obligation to be qualified obligation, which clearly is in the proposed regs very details
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Galia Antebi: very, very high level. It has to have a term of not more than 5 years. It has to have minimum Afr as an interest maximum 130%. You have to extend the statute of limitations. You have to actually report the status of the obligation every year on your 3,520. There is a question there on your obligations. They have to go there.
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Galia Antebi: if at any point, because the Irs does track your your obligation. If at any point it is no longer a qualified obligation, then from that point on, your non-qualified is going to be treated as a distribution.
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Galia Antebi: and that amount will again potentially create tax consequences, for you may also make you a beneficiary, may make you a beneficiary, and if you are a Us. Person may make the Us. Transfer to the foreign trust a Us. Owner, right? I mean. Think about it. You may have
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Galia Antebi: a Us. Owner having a trust without any Us. Beneficiaries. But the trusts end up making a loan to a Us. Person that is related to the beneficiary, and all of a sudden that person might be treated as a Us. Beneficiary, which makes the Us. Owner a Us. Owner, and the trust as a grant or trust that can happen
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Galia Antebi: clearly. We have to work through everything very carefully, and see qualified obligations not qualified, compensated, etc. But it's a risk. It's there. It can even be a loan includes when the Trust guarantees the loan without a fee. Right when we plan for that, and we use trusts to guarantee loans, we'll always have a fee so that it's fair market value, but if we don't, then it's similar to uncompensated use or to loans from the trust
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Galia Antebi: we're looking at 2 years sort of so if we have a person becoming a Us. Person within 2 years of of the
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Galia Antebi: known, or the use that still counts for our distribution. Treatment.
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Galia Antebi: Next slide. Sorry.
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Galia Antebi: we. I mentioned that. The exception that is fine. We have a de minimis rule
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Galia Antebi: 14 days. So if you think of an apartment in New York City which some of my clients have held in trust. If it's a foreign trust, and it's us beneficiaries, you have to make sure that no one uses, and when we say no one, you count everyone together. It's 14 days, but below 14 days it's fine. Another exception would be anything that was already included in tax so guilty and Qef. Elections.
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Galia Antebi: If you have previously taxed earnings and profits, loan to an extent of those amounts will not be not be treated as a distribution.
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Galia Antebi: Now to what I think is to me at least the most interesting one, and that is section 679, which is the code section that has us persons or a non us person who becomes a Us. Person within 5 years.
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Galia Antebi: And I have to say that I see that very, very often happen because I work a lot as Jonathan was telling you. I'm based in Tel Aviv these days, and I work with a lot with founders of tech companies, and often they will move to the Us. And sometimes their move might kind of be planned over several years, but if the 5 year is not met, meaning they move before 5 years is up.
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Galia Antebi: We may have issues with trusts that they've created for not necessarily us tax reasons, but the children would move with them, and with that we will have all of a sudden a completely foreign trust that was completely legitimate, not any any tax evasion, only, you know wealth, preservation, family confidentiality, whatever reasons they now move to the Us. Before 5 years are up, and we have ourselves grant our trust.
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Galia Antebi: And it's not only us tax that we don't get to escape. It's also sometimes state tax. In certain States, California and New York, Massachusetts as well. Because I think they over a million dollars, we go to 9%. It's it's a lot of money.
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Galia Antebi: So what is a Us person again, is, someone is under the general definitions of Us. Person. And here we also have the distinction of dual resident. If they're calculating their income tax liability under a treaty, a tiebreaker, they will not be considered us persons, so they will not have all those consequences.
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Galia Antebi: but if they are, they are going to be considered a Us. Person, and they need to be transferring assets to a foreign trust that has a Us. Beneficiary right? If we don't have a us beneficiary. Yes, we do have to report it as we talked about earlier, but we may not have the tax consequences. We may not be treated as a Us. Owner meaning a grant or trust, so that we don't escape us. Taxes
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Galia Antebi: on the income in the trust, and having a Us. Beneficiary is really a question of not just someone that is stated as a beneficiary, but someone that can have income paid or accumulated for them. And it's amazing to see. And the regulations existed for a while. Now, I think, in 2,001 that were issued. And now we only have proposed Regs that add to it.
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Galia Antebi: It's amazing to see how it is all inclusive. Everything is counted. If you have a grandmother as a beneficiary. But you know, hey, she's a grandmother, and if she died. The only people who can inherit are us people you're considered to have a Us. Beneficiary.
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Galia Antebi: and there is generally, and I see our time is about to run, there is generally a presumption of a Us. Beneficiary. If a Us. Person transfers, assets to a foreign trust, there is a presumption that there is a Us. Beneficiary.
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Galia Antebi: And what, unfortunately, the proposed Regs make very clear is that you really shouldn't escape from reporting it and letting the Irs sort of exempt you. It's not that they have an action. It's you have to tell them how your trust doesn't. So you have to show them. You file a report. And you say, and you say I've created a foreign trust.
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Galia Antebi: and there are no Us. Beneficiaries, and there are no terms outside of the terms of the agreement. There are no side letters, and if the grandmother dies, there are 5 children who are not us, people who are inheriting under her will before my child, who is a Us. Beneficiary or not beneficiary. But who is a Us. Person, can get something so that we show that it's remote.
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Galia Antebi: And you really have to persuade them that you are exempt, that you meet the requirements. You cannot just assume that you meet the requirements because you've done everything right, which is what I would love to have. But it's unfortunately doesn't seem to be the case. It seems that we have to report, and yes, we may not hear back from the Irs, but if we do, they might come back with more questions.
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Galia Antebi: and if they come back with more questions we have about, I think, 60 days to answer, maybe 90 days. It's probably one of those yeah, 60 days, 90 days, if you live outside the Us. To respond. And if you don't.
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Galia Antebi: that's it. It's presumed to have a Us. Beneficiary so important to actually, especially if you are certain that every you meet all the regulations, and
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Galia Antebi: this trust is a good one. You shouldn't be the Us. Owner. Then file report and let the Irs sort of not get back to you, and so that you will not have the tax consequences. Lastly, and I know it's time up just the penalties
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Galia Antebi: I mentioned earlier the distribution, and also the same penalty applies also to the creation of a trust, not reporting it, which I just recommended doing right. So not reporting it comes with 35% penalty.
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Galia Antebi: We talked about the gifts having 25% penalties and the Trusts, the Trust's obligation to file the 3,520 A comes with a penalty for the Us. Owner. Right? The trustees obligation. It's the Us. Owner who has to make sure that it's met, and if they don't instead
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Galia Antebi: meet the obligation by giving you the substitute form, then they have the actual penalty of the 5%, and there is an additional $10,000 penalty for each, 30 days
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Galia Antebi: on everything, not on the 35, 28 on everything, with a maximum penalty. How nice for the full amount! Right? The full amount of the distribution, the report, whatever the reporting was with respect to. If it's the transfer, if it's the distribution, if it's the corpus of the Trust for the purposes of the 3,520. This is our maximum, and there is also a minimum. So the minimum is $10,000. Even if the Irs doesn't know anything about this trust.
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Galia Antebi: And maybe the trust is very small at this point, when we didn't report, and maybe 5% or even 25% would be less. It's still a minimum penalty that is imposed. It's actually, I'm sorry, I said just now, 25%, the 25% was for the gifts, which is under 60, 39 f. Anything under 60, 48,
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Galia Antebi: it is the 35%. So a minimum of $10,000,
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Galia Antebi: and I think joint returns just one last point. Penalties are jointly and severally, except if you can show that it's really one person's obligation. For example, his mother hates me. She wouldn't give me anything. It's her, it's his only, or whatever. So, unless you can determine for the satisfaction of the Irs is that it's only one spouse's responsibility. It's a joint filer joint responsibility.
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Galia Antebi: and that is it.
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Jonathan Shenkman: Great. Thank you so much, Galia, for that informative talk. If anybody has any, follow up questions or any other issues I'd like to discuss, or any business opportunities you can reach out directly to Gallia or myself where appropriate. And I'm going to be sure to include her contact information in the follow up email to this program. As I mentioned at the onset, the goal of these programs stay up to date on timely wealth management, related topics and to collaborate where appropriate, and I think we can all agree that the clients who are best prepared are the ones who are served by team of knowledgeable advisors.
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Jonathan Shenkman: 3 more quick items before I let you go first.st My next Webinar is on Thursday, March 20, th at 8 30, am featuring yours truly, Jonathan. I, Shankman, of Parkbridge wealth management, where I'm going to discuss
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Jonathan Shenkman: common mistakes wealthy families make with their money and strategies to avoid them, and I'll be sure to send out the invitation to this program in the coming days. In the meantime, I'd love to continue to grow this webinar community. So if you have a friend, colleague, or client who would like to be notified of my upcoming webinars. They can email me with the word webinar on the subject line, and I'll add them to my webinar distribution list. My email is Jonathan at parkbridgewealth.com.
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Jonathan Shenkman: You can follow all my work on X and Instagram at Jonathan on money, and by connecting with me on Linkedin, you could also listen to my weekly podcast called Jonathan on money, which is available on apple spotify, or wherever you get your podcasts, and you can watch my practical planning videos, which I post several times a week by following me on Youtube at Jonathan, on money as well. And 3, rd please take 30 seconds to fill out my survey at the end of this program. It helps me improve my webinars and provide timely and
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Jonathan Shenkman: interesting content attendees. I thank you in advance for that. And with that this concludes today's session. Please stay safe and healthy and have a wonderful day. Everybody.
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Galia Antebi: Bye.