From Sea to Shining Sea: Understanding the Landscape of the State Income Taxation of Trusts and Planning to Minimize Tax Exposure

Richard W. Nenno |
Wealth Planning
Closeup woman filling form of Individual Income Tax Return,

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.

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New York’s Latest Legislative Session: What Passed, What Didn’t, What’s Next

Sharon L. Klein |
Wealth Planning

Learn about what passed and what didn’t in New York’s 2019- 2020 legislative session with an overview of important new legislation, executive orders and pending proposals, and a dramatic reminder of existing law, including: Sweeping new legislation regarding assisted reproduction.How any New York source income can subject a New York resident trust to taxation on all its income.A proposal to implement a new pied- à-terre tax on non-primary NYC residences.

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