FATCA will affect more than financial institutions and multinational corporations.  U.S. individuals (citizens and fiscal residents) who have foreign bank accounts, trusts and other entities outside the United States are all affected by FATCA.

Financial institutions and trust companies which serve as trustees of trusts in which at least one settlor or a current or future beneficiary is a United States person now more than ever, must understand all past, current and future United States federal and state tax payment and reporting obligations related in any way whatsoever to such trusts.

Trust companies are well advised to conduct proper advance planning and employ institutional procedures for a systematic review of their trust inventory on a regular basis. By doing so the trust company may avoid serious problems before they present themselves and minimize reputational risks.

To provide a more comprehensive approach and strategy in resolving FACTA compliance issues for private clients and trust companies, BSM has established a cooperative relationship with Cantor & Webb P.A. (“C&W”) an international private client oriented tax and estate planning law firm focused on the representation of high net worth international private clients and foreign trust companies. For more information, please visit www.cantorwebb.com .