ING Trusts: How to Minimize State Income Taxes (Ep. 83)
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There is a wide disparity in tax rates between U.S. states. For example, the top tax rate in California is 13.3%, while South Dakota has 0% state tax on trusts!
However, if you live in a high-income-tax state, you can still benefit from lower tax rates without moving physically.
In this episode, Kyle Malmstrom, Managing Director, and Roby Kotcamp, CFP®, Senior Wealth Advisor, explain how to use an Incomplete Non-Grantor (ING) Trust to minimize state income taxes.
Kyle and Roby discuss:
- Types of assets suitable for an ING Trust
- The correct sequence of steps to ensure the ING Trust is set up properly
- An example showcasing the practical application and scope of an ING Trust
- Potential pitfalls of the ING Trust strategy
- Alternative strategies for states where an ING Trust is not possible (E.g., California)
- And more
Resources:
- Blog: “ING Trusts: Control Your Assets and Minimize Income and Estate Taxes”
- Centura Wealth Income Tax Strategies Webinar Series
Connect with Kyle Malmstrom:
Connect With Roby Kotcamp:
Connect With Centura Wealth Advisory:
- (858) 771-9500
- Centura Wealth Advisory
- LinkedIn: Centura Wealth Advisory