Trusts are very important tools for family and succession planning. Italy enacted specific provisions on the tax treatment of trusts for income tax and indirect (transfer) tax purposes. However, Italy does not have specific legislation on trusts, and trusts for Italian clients or Italian assets must be formed and operated in accordance with the legislation of a foreign country that contemplates rules on trusts. Among the most reliable and sophisticated legislations on trusts are those of the States of the United States, including Delaware and New York. Every time the settler, beneficiaries and trust assets sit in different countries (Italy and abroad) the coordination of the tax treatment in Italy and in the foreign country poses daunting issues but also offers interesting planning opportunities. Below we refer you to a recent article appeared on Italia-Oggi in which we provide our perspective on our experience in forming and managing trusts for Italian clients: