Estates, Gifts, And Trusts (EGT)

State Income Taxation of Trusts (Portfolio 869)

  • Managing state income tax liability is a critical aspect of planning and administering a trust. If done properly, the planner may provide substantial benefits to the beneficiaries.

Description

Managing state income tax liability is a critical aspect of planning and administering a trust. If done properly, the planner may provide substantial benefits to the beneficiaries. If done poorly, the trust may be subjected to significant cost. Tax Management Portfolio 869, State Income Taxation of Trusts, covers how all 50 states and the District of Columbia tax trust income, how tax often may be avoided, how substantial the potential tax savings are, and why a trustee might be surcharged for failing to take steps to avoid tax.

This Portfolio may be cited as Nenno, 869 T.M., State Income Taxation of Trusts.

Table of Contents

I. Introduction
II. State Approaches to Taxation of Trust Income
III. Determining Whether Imposition of Tax Is Constitutional
IV. Specific State Considerations
VII. Reliance on Availability of Home State Courts Is Misplaced
VIII. Other Issues

nenno_richard_2015
Richard Nenno
Wilmington Trust Co
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