Yes Virginia, Trustees Have a Duty to Minimize State Income Taxes on Trusts

Trusts & Estates BROUGHT TO YOU BY brought to you by Upon discovering that the Santa job at the local mall pays 10 an hour while the Mrs Claus job only pays 750 salaries which probably haven39t changed much since 1991 Roseanne gets feminist quotWhy did we burn our bras in the 3960s Why did we march on Washington Why did Mary Tyler Moore just take her hat and throw it up in the air For 250 less than SantaquotIn the end Roseanne wins the Santa job leaving Mrs Claus to her longsuffering sister Jackie and dispenses some sage hear Wealth Planning>High Net Worth Yes Virginia, Trustees Have a Duty to Minimize State Income Taxes on Trusts An argument as to why fiduciaries can’t ignore this analysis. 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

Trustees throughout the United States have a continuing statutory and/or common law duty to administer their trusts in appropriate jurisdictions. Some practitioners assert that the factors that trustees must consider in fulfilling that duty don’t include a consideration of state income taxes. For the reasons set forth in this article, we disagree with that assertion and contend that trustees that don’t attempt to minimize the state income taxes paid by the trusts that they administer ignore All access premium subscription

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