asked

A dual US-French citizen client and his wife, who are living in the US, are taking care of their 45-year-old handicapped daughter who is on a Green Card. They want to pass assets to their daughter to provide for her care upon their death. The assets are in the US, and it's likely their daughter would move back to France after their death. They are considering setting up a Trust managed by a third-party trustee in the US, which would include liquid assets and the family home. Upon their death, the trustee would distribute income to the daughter for her care, and upon her passing, the remaining assets would go to her sister. They need guidance on gift, estate, and income taxes and legal ramifications in France, specifically whether the trust setup in the US would qualify under French law and how it would be taxed.

March 12th, 2023

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