State Income Taxation of Trusts and Estates and Grantors and Beneficiaries of Trusts: State Law Limitations and Pitfalls to Avoid
Planning for New and Existing Trusts, Structuring and Administration Considerations, Allocation and Distribution of Income, Business Income From Multiple States
Recording of a 90-minute CLE webinar with Q&A
This CLE course will provide trusts and estates attorneys an in-depth analysis of the taxation of the income of trusts and estates by various states. The panel will provide a comparison of certain state tax laws impacting trust and estate planning and income tax challenges for nonresident trusts, focusing in particular on California and its “throwback tax” and Georgia, as well as offer effective planning techniques to minimize state fiduciary income taxation generally.
Outline
- State taxation of resident trusts
- Determining whether a trust is a resident or nonresident
- Determining whether a state's taxation of a trust is constitutional
- Planning techniques for drafting new trusts and administering existing trusts
- Allocation and distribution of trust income
- State apportionment of business income
- Best practices and planning steps for trust and estates counsel
Benefits
The panel will review these and other relevant topics:
- Various state approaches to the taxation of trusts, with particular focuses on California and Georgia
- Determining whether a state's taxation of a trust is constitutional
- Critical factors in determining whether a trust is a resident or nonresident for state income tax purposes
- Planning considerations for drafting new trusts and administering existing trusts
- Challenges in allocating income between a nonresident trust, its settlor, and its beneficiaries
- Issues when trusts receive active business income from multiple states outside of its resident state
Faculty
Julian A. Fortuna
Partner
Taylor English Duma
Mr. Fortuna focuses his practice on domestic and international tax planning and tax controversy matters. His industry... | Read More
Mr. Fortuna focuses his practice on domestic and international tax planning and tax controversy matters. His industry experience spans clean energy, entertainment, health care, higher education, hospitality, manufacturing, non-profit, real estate and retail. Mr. Fortuna represents business entities, owners and executives, fiduciaries and beneficiaries of trusts and estates, and non-profit entities regarding all types of federal and state income, estate, and gift taxes. In tax controversies, he represents taxpayers in civil and criminal tax audits, investigations and administrative appeals before the Internal Revenue Service (IRS) and various state, local and foreign taxing authorities and in tax litigation before federal and state courts and tax tribunals.
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Richard S. Kinyon
Partner
Shartsis Friese
Mr. Kinyon specializes in the design and implementation of complex domestic and international estate plans for... | Read More
Mr. Kinyon specializes in the design and implementation of complex domestic and international estate plans for high-net-worth U.S. resident and non-resident individuals, including the establishment of various sophisticated irrevocable trusts and family investment companies and how to pass interests in their family business and investment companies to younger-generation family members and others in a tax-advantaged and creditor-protected manner, minimizing inter-family conflict. He also advises fiduciaries and beneficiaries regarding the administration of estates and trusts, including fiduciary litigation matters. Mr. Kinyon has been certified as a Specialist in Taxation Law by the California Board of Legal Specialization since 1973, and he also is certified as a mediator by the Bar Association of San Francisco, specializing in mediating disputes among litigants and other parties involving their interests in trusts and estates or other jointly owned property.
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