a baker's dozen of dangerous assumptions when ... - Minnesota CLE

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The notion of trusts, and the separation of the right to control and the right to benefit from property, is a long standing notion in common law countries. But, this is not a universal concept. Many civil law countries do not recognize trusts. This can be problematic for transferring real property located in such a jurisdiction. This can also be problematic for the foreign trustee. Back in the 1980’s, the Hague Convention on the Law Applicable to Trusts and on Their Recognition sought to resolve the issue by making jurisdictions, who do not recognize trusts, at least recognize those established in other jurisdictions. This convention can be of assistance in those jurisdictions who are signatories. However, not all countries are signatories.
For those of us in Minnesota confronting possible non-recognition, we should evaluate the need for recognition in a foreign jurisdiction, treatment of trusts in foreign jurisdictions, and whether alternatives, like business entities, resolves possible issues. Again, conferring with foreign counsel on these issues may be necessary depending on the needs of your client.
Page 1 and 2: A BAKER’S DOZEN OF DANGEROUS ASSU
Page 7 and 8: 13 DANGEROUS ASSUMPTIONS
Page 9 and 10: 1. I NEED ONLY BE CONCERNED WITH NO
Page 11 and 12: 2. YOU MUST ONLY BE CONCERNED WITH
Page 13 and 14: For federal estate tax purposes,
Page 15 and 16: OTHER JURISDICTIONAL TESTS • Nati
Page 17 and 18: 3. EVERY COUNTRY WILL APPLY THE LAW
Page 19 and 20: Recent changes in European Union la
Page 21 and 22: “Comity is ‘[t]he principle in
Page 23 and 24: 5. ONLY A SPOUSE CAN TAKE AGAINST A
Page 25 and 26: Pflichtteil Example: Section 2303 o
Page 27 and 28: 6. YOU CANNOT INHERIT DEBT. Also, s
Page 29 and 30: For clients who inherit in a foreig
Page 31 and 32: The 1973 Convention Providing a Uni
Page 34 and 35: 8. YOU MUST DO A QDOT, IN EVERY CIR
Page 36 and 37: Why not a QDOT? • Estate below un
Page 38 and 39: 9. A MINNESOTA COURT WILL NOT APPOI
Page 40 and 41: Potential Obstacles? • The child'
Page 42 and 43: 10. APPOINTING A FOREIGNER AS TRUST
Page 44 and 45: If your clients want to name a nonr
Page 48 and 49: 12. IF I WANT A DOCUMENT RECOGNIZED
Page 50 and 51: In Minnesota, our Secretary of Stat
Page 52 and 53: In serving a transnational client,
Page 54 and 55: QUESTIONS?
Page 56: IRS Circular 230 Disclaimer: To ens

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