Trusts, Estates and Family services (US connected)

What EY can do for you

Our team provides advisory and compliance services to private clients and trustees who must consider US and UK tax as a part of their current situation or future planning.

Our US and UK tax professionals are experienced in offering trustees, settlors, beneficiaries and their families bespoke advice on tax-efficient solutions for bequeathing assets, as well as uniting and dividing wealth in the event of a marriage or a divorce.

We know that succession and estate planning can be difficult and stressful. But failure to plan effectively for the future puts the distribution of our clients’ assets at risk. Without proper planning, beneficiaries could also inherit an unexpected and unpleasant tax surprise.

We understand where legal advice is required and regularly work with other advisors to ensure that our clients receive the most comprehensive analysis and guidance. Our understanding of the US and UK tax codes enables us to complement any advice received with strong compliance services.

We recognise that working collaboratively and communicating with the clients’ full advisor team is, now more than ever, essential.

EY consulting services include:

• Trust structuring with a US connection at settlor and beneficiary levels
  
  
• Tax-efficient structuring for the ownership of US situs assets
  
  
• Review of existing trusts and underlying structures to confirm the impact of any US connection
  
  
• Efficient US federal and state income tax distribution planning
  
  
• Efficient US federal and state estate or gift tax wealth transfer strategies
  
  
• Review of planning opportunities to utilise US domestic trust structuring, including the domestication of non-US trusts
  
  
• Confirmation of US federal and state level compliance, and reporting obligations at relevant levels
  
  
• Strategy and support to rectify situations of non-US compliance
  
  
• US and UK tax advice related to all stages within a marriage, including in contemplation of divorce

Compliance services include all areas of federal income tax and information reporting, including, but not limited to:

• Form 1041: US federal income tax return for US domestic trusts and estates
  
  
• Form 1040NR: US federal income tax return for nonresidents (including certain non-US trusts) in receipt of certain US-sourced income and gains
  
  
• Form 3520-A: US federal information return for a foreign grantor trust with a US grantor
  
  
• Form 3520: US settlor and US beneficiary reporting requirement to disclose certain activity connected to a foreign trust
  
  
• Form 5472: Information return with respect of foreign-owned US disregarded entities
  
  
• Form 706, 706NA or 709: US gift and estate tax returns