Archive for February, 2019

February 3, 2019/Family Wealth, Financial Planning

How Incomplete Nongrantor Trusts Can Help Avoid State Income Taxes

With the federal gift and estate tax exemption at $11.40 million for 2019, people whose estates are below the exemption amount are shifting their focus to income tax reduction. High-income taxpayers, particularly those who live in high-income-tax states, may want to consider incomplete nongrantor trusts, which make it possible to eliminate state taxes on trust income.

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