Credit to: Tax News : Under new US tax law, Indian Trusts will now have to disclose details to Internal Revenue Service

Over the past decade, many Indian business families have organised themselves under trusts — a bankruptcy remote structure — to preserve wealth, protect the rights of various members, and plan for the next generation. Now, this arrangement is coming under strain for families with members staying in the US, the Economic Times reports.
According to FATCA — the Foreign Account Tax Compliance Act passed by the US government to unearth black money of US residents outside the country — trusts in India will have to disclose all details to the tax office if any of the trust beneficiary is a US resident. Most families in India are not comfortable with sharing such information to the US Internal Revenue Service.
Under the circumstances, most tax professionals and trust services companies are exploring new arrangements and advising beneficiaries who are US residents to distance themselves from such trusts.
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