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Posted by TG
I’ve lived and worked in Australia for 20 years and am a dual citizen. I own my own small business (a Australian corp entity) and have set up a family trust that disperses the profit from my business to myself and my wife. This was my Aussie financial advisors best suggestion for legally lowering my tax liability as our taxes are higher down here. How is that going to impact my US taxes as apparently there are issues with ‘foreign’ trusts….but I AM the foreigner that opened the foreign trust, and I have been Australian for tax purposes only for 20 years… Advice?