State Income Tax Issues with Trusts 2024 | Estate Planing Seminar | 20 February 2024 | Minnehaha Country Club, 3101 W 22nd St, Sioux Falls, SD 57104, USA

There’s a wide variety of fiduciary income tax laws among the states. In fact, many states have no fiduciary income tax at all or have a fiduciary income tax regime that is easily avoided. Given these facts, and considering our mobile society, estate planning professionals need to be conversant with how to structure estate planning vehicles and transactions to minimize state income taxes. Many factors, sometimes leading to conflicting results in, or tax being imposed by, multiple states, must be taken into account. During this teleconference, we’ll discuss the following:

• How a trust is or may become subject to a state’s income tax
• Constitutional challenges to a state’s taxation of a trust
• Changing a trust’s residency to avoid state income tax
• Determining the source of income for state income tax purposes
• Trusts that are subject to state income tax in more than one state