Why Consider Living in Florida?

Wilmington Trust |
Wealth Planning

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.

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Opportunities for Saving State Income Taxes on Trusts Expanded with Kaestner Trust Decision

Richard W. Nenno |
Wealth Planning
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U.S. Supreme Court holds presence of resident discretionary beneficiaries does not justify North Carolina income taxation of nonresident trustee in Kaestner Trust. When determining whether a trustee of a nongrantor trust must pay a particular state’s income tax on retained ordinary income and capital gains, practitioners should resist the impulse to consult the governing-law clause in the Will or trust instrument.

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Delaware’s Income Tax Advantage for New York Residents

Jeffrey C. Wolken |
Wealth Planning
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Help minimize your state income tax liability with a personal trust administered in the First State.If you are a New York resident with appreciated assets and would like to potentially avoid paying high state and local taxes on that appreciation, establishing a trust in Delaware may help minimize your New York tax liabilities.You do not need to have a current trust in order to take advantage of this opportunity.

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