US tax planning opportunities to be explored at EY tax seminar

EY’s leading US tax professionals will explore the proactive planning opportunities and key considerations for trustees in the Channel Islands with US links at EY’s upcoming seminar ‘The land of opportunity? A US tax planning seminar’.

The seminar, which is taking place on Tuesday, 7th February at the Pomme d’Or Hotel at 8.30am, will be led by Michael Parets, a Private Tax Partner from EY Zurich, and Iain Younger, a Partner at EY Frank Hirth. EY Frank Hirth is a market leading firm and forms part of EY’s private client tax services.

Áine Slater (pictured), Tax Partner and Head of Tax at EY in Jersey, highlights why this is of significance to Jersey clients: “Offshore trustees are aware of the potentially severe tax issues that can occur as a result of a US connection to a foreign trust – this awareness can lead to concerns and sometimes quick reactions. We are delighted to welcome our colleagues who specialise in US tax to discuss such an important topic and explore the proactive planning opportunities available, which may be crucial to many Jersey based clients with connections to the US.”

Iain Younger, Partner at EY Frank Hirth, said: “With a number of offshore trustees based in Jersey with US connections, ensuring the appropriate planning is in place is key to avoiding potential penalties in the future. Our session will give an overview of situations where a US person is either the settlor or beneficiary of an existing trust, and where there is still time to plan ahead of a structure being created.”

The seminar will also cover the consideration of; initial structuring opportunities (trust and underlying entities), distribution strategies, investment considerations, and owning US assets. Delegates will also receive an update from Washington on what the panellists expect to see in 2023, and how it may affect clients within the islands.