Administration of USA trust from Spain?

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anonymoose2
Mensajes: 4
Registrado: Vie Abr 16, 2021 19:53

Administration of USA trust from Spain?

Mensaje por anonymoose2 » Vie Abr 16, 2021 20:17

Hello. I am a USA citizen and resident who is planning my estate which includes, upon my death, creating trusts for my niece and nephew who are under the age of 15 and live in Spain. I am considering making their father the trustee of their trusts. He was born in the USA, and he married a Catalan woman, had children there and currently resides in Catalunya. He has a resident card in Spain.

My question: If I were to die and he becomes Trustee of the kids' trusts, would administration of the Trust be feasible from Spain? We wouldn't want the trust to become a "foreign" trust because of heavy taxation. (I have other options for trustees in the US but he would be best because I fully trust his judgment on managing the money for the kids.) I spoke with my estate planning lawyer who said most of the trust administration is done electronically but if he needed to get something notarized he might have to go to the consulate. I'm interested to hear if anyone has experience with this and knows just what is involved.

Thank you!
Última edición por anonymoose2 el Vie Abr 30, 2021 21:58, editado 3 veces en total.

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kakadeluxe
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Registrado: Vie Feb 22, 2019 11:26

Re: Administration of USA trust from Spain?

Mensaje por kakadeluxe » Dom Abr 18, 2021 09:00

"El interés compuesto, la octava maravilla del mundo", Mayer Amschel Rothschild.
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anonymoose2
Mensajes: 4
Registrado: Vie Abr 16, 2021 19:53

Re: Administration of USA trust from Spain?

Mensaje por anonymoose2 » Lun Abr 19, 2021 18:52

Thank you, @kakadeluxe for the link to the lawyer's website. I will read it. Someone from the Bogleheads USA forum directed me to ask in this forum. I thought maybe there were people in similar circumstances who would share their experience. I'm surmising that it may be best to select a USA trustee to keep things simpler and avoid heavy taxation.

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kakadeluxe
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Registrado: Vie Feb 22, 2019 11:26

Re: Administration of USA trust from Spain?

Mensaje por kakadeluxe » Lun Abr 19, 2021 19:19

You try to look for: "trusts spain" or "trusts spain usa". You look some pages of search.
"El interés compuesto, la octava maravilla del mundo", Mayer Amschel Rothschild.
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