As we move through the remainder of 2021, the focus on tax policy to help fund the Biden administration’s initiatives is sharpening. There are numerous tax proposals circulating that may dramatically impact taxpayers soon. Whether any of these proposals pass and in what form remains unclear.
Presented at the ACTEC 2021 Virtual Annual Meeting, this article discusses the importance of planning for state income taxation of trusts.Practitioners must factor the state income tax treatment of the trusts they create for their clients into their estate planning recommendations.They must take steps to assure that the income of these trusts is not taxed by any state, or by no more than one state in any event.
When you think about your family dynamics, do you have a feeling of unity? Specifically, that level of harmony within your family that can offer the greatest opportunity for generational success.Preparing your family for the future is important, particularly if you own and run a family business that you hope to pass to future generations.