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August 1, 2017

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Eliminating State Income Tax on Trusts

July 13, 2017

Income tax is - or should be - part of modern estate planning.  This is one of a series of entries on this "hot" topic.

 

State jurisdiction over trust income tax (that is, what state(s) a trust must pay taxes to) varies widely state to state.  Some states base taxability on, trustee, and some on the grantor's state of residence.  Many tax "state source income" (such as real estate rental income).  And some (hooray!) have no income tax on trusts.

 

It's not unusual for a trust to file in multiple states, and it's not unusual for a trust to have no state filing requirement.

 

The good news is that, with some planning, new or existing trusts can reduce their state income tax expenses, and thus enhance the value of the trust.

 

This blog is not intended to constitute, and does not constitute, legal advise to anyone or any specific situation.  See also our legal notices.

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