ACTEC Fellow and Senior Trust Counsel, Dick Nenno, discusses the U.S. Supreme Court’s ruling on a case involving issues of state fiduciary income tax, North Carolina vs. Kaestner, on this ACTEC podcast. Listen to Podcast This podcast is for general information only and is not intended as an offer or solicitation for the sale of any financial product, service or other professional advice. Professional advice always requires consideration of individual circumstances.
This article reprint was recently published in the July issue of Trusts & Estates magazine.The 2017 Tax Cuts and Jobs Act (the Tax Act) altered the way that income from certain trusts is taxed in the event of a divorce.Practitioners should carefully consider the tax impact of every trust created during a marriage in the event the parties get divorced in the future.
The Sunshine State offers a host of financial and tax benefits. Florida residents likely enjoy significantly reduced tax obligations compared to many other states.Florida does not impose a personal income tax, an inheritance tax, a gift tax, or an intangible personal property tax.The more ties you have to Florida, the more likely your Florida domicile will be respected.