Description
Understand some of the ways states seek to impose their income taxes on individuals and trusts.Everyone has a domicile. It may be acquired from one’s parents, by marriage or place of residency. Many states impose their income and estate taxes on the basis of domicile. Often, changing domicile may avoid state taxes. But there are caveats. First, the person claiming a change of domicile must establish the change by clear and convincing evidence. Second, more than one state may lawfully find an individual domiciled in more than one state. Also, double or triple state income taxation may occur on the income of the same individual. Domicile or residence may also affect inheritance and property rights. Certain benefits (such as the double stepup in basis that occurs with respect to community property) may be lost by a change in residence. Other rights, such as to serve as a fiduciary or to employ a disinheritance clause against a will contest may be lost by a change. There are many steps that can be taken to attempt to ensure the best result for clients. This topic will explain several of them.
Date: 2021-02-18 Start Time: End Time:
Learning Objectives
Some Nonlegal Effects of Changing Residency
• Introduction
• Cost of Living
• Some Legal Effects of Residency
State Estate Taxation
• Taxation by the Domicile State
• The Famous Case of a Man With Two Domiciles
• A Man Without a Domicile
• The Many Meanings of Residence
State Income Taxation
• How to Lower Income Taxes When Moving to a High(er) Income Tax State
• How Some Married Couples May Eliminate/Reduce State Income Tax
• NING Trust
• Income Taxation of Trusts Post-Kaestner
Marital Rights
• Grounds for Divorce
• Prenuptial Agreements
• Change in Ownership by Change in Domicile
• Spousal Rights on Divorce and Death
Descent and Devise
• Intestacy Laws
• Avoiding Probate
Creditors’ Rights
• Debts
• Self-Settled Trusts
• The SPAT Alternative
• In Terrorem Clauses
How to Change Domicile
• What Advice Would You Give to This Couple?
• Domicile Is Not the Only Issue
• Domicile of an Incompetent Person
• Obtaining the Benefits of Making a Change in Domicile Without Making the Change
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Jonathan G. Blattmachr-InterActive Legal, Diana S.C. Zeydel – Greenberg Traurig, P.A.
