Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

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:

• Email: Kyle Malmstrom
• LinkedIn: Kyle Malmstrom

Connect With Roby Kotcamp:

• Email: Roby Kotcamp
• LinkedIn: Roby Kotcamp

Connect With Centura Wealth Advisory:

• (858) 771-9500
• Centura Wealth Advisory
• LinkedIn: Centura Wealth Advisory