Mitigating State Income Taxation of Trusts

Trusts & Estates BROUGHT TO YOU BY brought to you by TE-Practical-Solutions.jpg Wealth Planning>Estate Planning Mitigating State Income Taxation of Trusts Martin M. Shenkman and Joy Matak discuss how to assess a trust’s exposure to state taxes. Resources Trusts & Estates Latest Issue Read the Latest Issue Subscribe to Trusts & Estates Premium Content Subscribe Now Trusts and Estates Digital Edition Archive Read Now About Trusts & Estates Learn More

Many clients are interested in mitigating or avoiding state and local taxes (SALT). While income generated by grantor trusts will be taxable to the grantor in the states where the grantor resides, non-grantor trusts will be taxed in states where the trusts are considered to reside. States have had to devise statutory tests to determine whether a trust would be considered a resident, subject to taxes on its worldwide income. By understanding these tests, practitioners may be able to minimize All access premium subscription

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