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Non-Grantor Trusts (including INGs and SLANTs): Avoiding State Income Tax, Including New York City and State, and Avoiding "Source Income"



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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



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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.

 

Martin M. Shenkman, CPA, MBA, PFS, AEP, JD is an attorney in private practice in Fort Lee, New Jersey and New York City who concentrates on estate and closely held business planning, tax planning, and estate administration. He is the author of 42 books and more than 1,000 articles. Marty is the Recipient of the 1994 Probate and Property Excellence in Writing Award, the Alfred C. Clapp Award presented by the 2007 New Jersey Bar Association and the Institute for Continuing Legal Education; Worth Magazine’s Top 100 Attorneys (2008); CPA Magazine Top 50 IRS Tax Practitioners, CPA Magazine, (April/May 2008). His article “Estate Planning for Clients with Parkinson’s,” received “Editors Choice Award.” In 2008 from Practical Estate Planning Magazine his “Integrating Religious Considerations into Estate and Real Estate Planning,” was awarded the 2008 “The Best Articles Published by the ABA,” award; he was named to New Jersey Super Lawyers (2010-15); his book “Estate Planning for People with a Chronic Condition or Disability,” was nominated for the 2009 Foreword Magazine Book of the Year Award; he was the 2012 recipient of the AICPA Sidney Kess Award for Excellence in Continuing Education; he was a 2012 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planning Counsels; and he was named Financial Planning Magazine 2012 Pro-Bono Financial Planner of the Year for his efforts on behalf of those living with chronic illness and disability. In June of 2015 he delivered the Hess Memorial Lecture for the New York City Bar Association. His firm's website is www.shenkmanlaw.com where he posts a regular blog and where you can subscribe to his free quarterly newsletter Practical Planner. He sponsors a free website designed to help advisers better serve those living with chronic disease or disability www.chronicillnessplanning.org which is in the process of being rebuilt. 



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