Estate planning is the process of anticipating and arranging for the management and disposal of a person’s assets during the person’s life in preparation for a person’s future incapacity or death. While on its face, this may come off as simple, many individuals struggle with estate planning for a variety of reasons. This is especially true for those who have accumulated substantial wealth, referred to in this book as Wealth Creators.

A Dynasty Trust is a trust settled with the primary purpose of transitioning wealth from one generation to one or more future generations. An irrevocable Dynasty Trust simply implies that gifts made by the Grantor to the trust are not distributable back to the Grantor at the Grantor’s discretion, but rather controlled by fiduciaries appointed by the Grantor to protect and manage for the benefit of the trust’s beneficiaries, often the Grantor’s U.S.-based descendants or relatives.

By definition, a Revocable Trust is set up so that the Grantor retains the right to revoke the trust and reclaim assets held under the trust. While there are many forms of Revocable Trusts, this chapter focuses primarily on Revocable Trusts with non-U.S. Grantors.

While the beginning of this book focused primarily on the utilization of U.S.-based dynasty trusts, this chapter focuses primarily on the various tax filing requirements for cross-border families and entities controlled by them. Specifically, this book briefly describes each of the tax forms we find relevant for cross-border families.

A Family Office is a private wealth advisory entity established by an individual or family to manage wealth and provide a variety of personal and financial services. Family Offices serve high-net-worth individuals and families, offering a comprehensive approach to managing their financial affairs and providing services beyond traditional wealth management.