Succession planning: Surrogacy and the tax challenges of having a US citizen child

A child born in the United States acquires more than simply an additional passport. For families with significant wealth, business interests or established succession plans, US citizenship can become an important consideration in the long-term preservation and transfer of family wealth. The tax implications of having a US citizen child are often discussed in the context of annual tax returns, investment structures and compliance obligations. However, for many affluent families, the more significant considerations arise much later when wealth begins to pass between generations. This is...