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 step-up 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.
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Agenda
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
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OnDemand Course
This course was last revised on February 18, 2021.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.5
- Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
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- AR CLE 1.5
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- Arizona CLE 1.5
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- CA MCLE 1.5
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- CT CLE 1.5
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
- HI CLE 1.5
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- IL CLE 1.5
- This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
- IN CLE 1.5
- This program has been approved by the Indiana Commission on Continuing Legal Education. Participating attorneys are eligible to receive up to 1.5 hours of Distance Education credit.
- MN CLE 1.5
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- MO CLE 1.8
- This course qualifies for self-study CLE credit in Missouri.
- NC CLE 1.5
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- ND CLE 1.5
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- NH MCLE 1.5
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- NM CLE 1.5
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
- NV CLE 1.5
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
- NY CLE 1.5 including Areas of Professional Practice 1.5
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
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- RI CLE 1.5
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
- VA CLE 1.5
- This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.5 CLE credit hours.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.5
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
- WV MCLE 1.8
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
Virginia MCLE requirements do not allow approval for programs that do not include an audio or audiovisual component.
This program was previously offered as a live webinar. Virginia MCLE requirements do not allow approval for attendance at duplicate programs.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Jonathan G. Blattmachr
InterActive Legal
- Principal at InterActive Legal
- More than 45 years of experience in trusts and estates law
- Former partner in Milbank (formerly, Milbank Tweed Hadley & McCloy) in New York
- Admitted to the bars in New York, California, and Alaska
- Wrote or co-wrote nine books and more than 500 articles on estate planning topics
- Writes and lectures extensively on estate and income tax planning, as well as charitable giving
- Editor of Wealth Transfer Planning and founder of InterActive Legal - www.interactivelegal.com
Diana S.C. Zeydel
Greenberg Traurig, P.A.
- Shareholder and Global Chair of the Private Wealth Services practice of the law firm of Greenberg Traurig, P.A.
- Member of the Florida, New York and Alaska Bars and member of the American College of Trust and Estate Counsel (ACTEC) where she was a past member of its Board of Regents and past chair of its Estate & Gift Tax Committee
- Academician of The International Academy of Estate and Trust Law and a member of The Society of Trust and Estate Practitioners (STEP)
- Member of the Executive Council of the Real Property, Probate and Trust Law Section of the Florida Bar and an ACTEC liaison to the Section
- Ranked Band 1 nationwide in wealth management and Band 1 in tax in Florida by the Chambers USA High Net Worth Guide and is the recipient of the 2014, 2019 and 2020 IFLR/Euromoney “Best in Wealth Management” Americas Women in Business Law Awards
- Recognized as a “key figure in shaping the whole wealth management legal profession,” Chambers USA 2012 Client’s Guide
- Frequent lecturer on a variety of estate planning topics and wrote and co-wrote several recent articles
- LL.M. degree in taxation, New York University School of Law; J.D. degree, Yale Law School; B.A. degree, summa cum laude, Yale University
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