Non-Grantor Trusts (including INGs and SLANTs): Avoiding State Income Tax, Including New York City and State, and Avoiding "Source Income"
Thursday April 26
3:00 PM EDT - 4:00 PM EDT
Using Non-Grantor Trusts, Including INGs and SLANTs, and Avoiding State Income Tax, Including New York City and State
This session will build on the prior day’s webinar on INGs and SLANTs and concentrate on state income tax issues. How do the various states tax non-grantor trusts (and where are the loopholes)? Just as importantly, how and when do states tax “source income” even for non-residents and non-resident trusts, especially for LLCs/LPs and other closely held businesses? A 50 state plus D.C. chart will be provided with links to statutes in this area.
We’ll initially tackle New York, which has specific legislation combatting incomplete gift, non-grantor trusts (INGs) and closes other loopholes, but to borrow a phrase, “if you can make state tax avoidance work there, you can make it anywhere”. We’ll cover other states as well and these important concepts:
- Increased impact of state income tax after new SALT limitations
- Differences between INGs and SLANTs and BDIT/BDOTs vis a vis state income tax
- Unique opportunity for QTIP/SLANTs to avoid state income tax on capital gain
- New York’s exempt resident trust rules
- California and New York throwback rules
- Importance of considering non-traditional trustee/advisor/protector location for nexus
- Quick overview of the state of Constitutional litigation defeating state tax overreach
- Important source income rules, including the Uniform Division of Income for Tax Purposes Act
- Source income variance among the states for sales of partnerships, LPs, LLCs and C/S corps (and why you shouldn’t trust some of the various compiled charts in this area)
- Exploiting INGs/SLANTs for QBI and SALT deductions even if there is unavoidable source income
There will be no CE for this webinar
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Edwin Morrow, J.D., LL.M., MBA, CFP®, CM&AA® is a Regional Wealth Strategist based in Cincinnati, Ohio for U.S. Bank Private Wealth Management, where he concentrates on thought leadership and planning ideas for high net worth clientele in tax, asset protection and estate planning areas. Ed was previously a Director in Key Private Bank's Family Wealth Advisory Group and prior to that in private law practice working in taxation, probate, estate and business planning. Other experience includes research and writing of legal memoranda for the U.S. District Court of Portland, Oregon as a law clerk.
Ed is a Fellow of the American College of Trust and Estate Counsel (ACTEC) and a Board Certified Specialist (through the Ohio State Bar Association) in Estate Planning, Trust and Probate Law. He is a Certified Financial Planner (CFP®) professional and a Certified Merger & Acquisition Advisor (CM&AA®). He is also a Non-Public Arbitrator for the Financial Industry Regulatory Authority (FINRA).
Ed is a frequent speaker at CLE/CPE courses on asset protection, tax and financial and estate planning topics, and recently co-authored, with Stephan Leimberg, Paul Hood, Martin Shenkman and Jay Katz, the 18th Edition of The Tools and Techniques of Estate Planning, a 997-page practice-based resource on estate planning.