US-UK Tax Talk
Welcome to US-UK Tax Talk, brought to you by Collyer Bristow. Hosted by Aidan Grant, a Partner in our Tax & Estate Planning team, this series explores the complex world of cross-border tax and estate planning.
Aidan specialises in advising high-net-worth individuals with UK-US interests, including mixed-domicile marriages, UK-resident US citizens, and beneficiaries of US trusts. Named in Citywealth’s Top 100 Future Leaders, he brings expert insight and practical advice to every episode.
Join us as we engage with leading professionals across the UK and US, covering everything from wills and trusts to charity tax, and moving to the UK. Expect straight-talking discussions on English tax law - always with a US perspective.
Subscribe now and stay informed on the latest in UK-US tax and estate planning. For expert advice tailored to your needs, visit collyerbristow.com.
Disclaimer: This content is provided for general information only and does not constitute legal or other professional advice. Appropriate legal or other professional opinion should be taken before taking or omitting to take any action in respect of any specific problem. Collyer Bristow LLP accepts no liability for any loss or damage which may arise from reliance on information contained in this material.
US-UK Tax Talk
Revocable Living Trusts: Future-Proofing Your Estate Across Borders with Gillian Everall
On this month's podcast, Aidan Grant is joined by Gillian Everall, Founder & Managing Director of Everfair Tax Consulting Ltd, to discuss the complexities of US revocable living trusts, particularly for Americans with ties to the UK. Learn more about the recent changes in UK tax law, the uncertainty surrounding the treatment of living trusts, and the importance of forming a filing position.
Explore how revocable living trusts serve as indispensable estate planning tools in the US, helping to bypass probate costs and ensure swift asset distribution, especially in states like California. Cross-border estate planning can be a maze, so the need for early intervention is essential - shaping trust agreements before they're set in stone, can help avoid potential tax pitfalls.
Gillian also offers insights into alterations in UK tax laws effective from April 2025, which will impact income and capital gains tax for UK grantors. Highlighting that paying attention now could save the headache of increased global tax liabilities and the complexities of anti-avoidance rules.
From capital gains tax considerations to inheritance tax complications, Gillian sets out the potential traps including the UK's stringent anti-avoidance provisions. Advising how important it is to separate US and UK assets to avoid unnecessary tax burdens and explore alternative strategies such as transfer-on-death and jointly held accounts. The episode serves as a reminder for anyone with assets across the Atlantic to reassess their strategies for protecting their estate.
Join us on the first Wednesday of every month for a new episode of the US-UK Tax Talk podcast, brought to you by Collyer Bristow.
Key Takeaways:
Revocable Living Trusts Simplify Estate Planning: These trusts help avoid probate, reduce costs, and streamline asset distribution, especially in the US including states like California.
Proactive Planning Is Essential: Early intervention and strategizing for trust formation can prevent adverse tax consequences and ensure compliance with both US and UK regulations.
Impact of UK Tax Code Changes: Recent tax law changes in the UK will affect income and capital gains tax for grantors, making it critical to prepare for increased global tax liabilities.
Legal and Tax Expertise Is Crucial: Ongoing professional advice helps navigate anti-avoidance rules, preserve exemptions, and adapt to evolving international tax systems.
Separation of US and UK Assets: Maintaining distinct plans for assets in each country can minimise tax burdens and simplify estate administration.
