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A kind reminder to fellow Estate Planning and Tax practitioners that March 15th is the deadline for filing IRS Form 3520-A, the Annual Information Return of Foreign Trusts with a U.S. Owner (or filing an extension via form 7004). The IRS requires the 3520-A to be filed when there is a foreign/offshore trust with a U.S. owner for income reporting requirements.

In a nutshell, wills are simpler, shorter, and often times less costly. A properly drafted Will allows you to pick the beneficiaries you want to inherit your property at your death.