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Trust Situs and State Taxation: Practical Planning Implications

State tax departments are becoming more aggressive at collecting revenues and the trend is likely to continue in light of state fiscal issues.

The situs of a trust may impact the rules that govern the trust, the validity of certain provisions, the powers of the trustees, and the degree of asset protection. Moreover, the situs of a trust may impact the state taxation of the trust. The rules under which a state can tax a trust are complex and vary from state to state. It is critical to understand these rules when undergoing trust planning, drafting, administration or compliance. This topic will teach you about various aspects of the situs of a trust, including factors that impact the situs of a trust. This material will also discuss how various states tax trusts, comparing the rules in different states, and considering the constitutionality of these rules. This information is critical to attorneys, accountants and other professionals involved in creating trusts, drafting trust agreements, advising clients on the situs and taxation of trusts, and preparing income tax returns for trusts.

Runtime: 63 minutes
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Why Lorman?

Over 33 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.

Agenda

Situs of a Trust

  • Impact of the Situs of a Trust
  • Factors That Determine the Situs of a Trust
  • Practical Considerations

State Taxation of a Trust

  • Taxation of Resident vs. Non-Resident Trusts
  • Factors That Determine Trust Residency
  • Constitutionality of State Rules
  • Practical Considerations

Changing Trust Situs

  • State Law Requirements
  • Impact on State Taxation
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Why Lorman?

Over 33 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.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on November 2, 2018.

Call 1-866-352-9540 for further credit information.

  • 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.
     
  • NM CLE 1.5
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
     
  • 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.
     

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 33 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

Melissa M. Price

Melissa M. Price

McDermott Will & Emery

  • Private client attorney in New York, New York
  • Partner at McDermott Will & Emery LLP
  • Practice includes various aspects of domestic and international estate and tax planning
  • Speaks on numerous topics related to estate and tax planning
  • Double degree of civil law (BCL) and common law (LLB) from McGill University Faculty of Law
  • Member of the American Bar Association – Section of Real Property, Trust and Estate Law
  • Can be contacted at [email protected] or (212) 547-5892
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Why Lorman?

Over 33 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.

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* For audio recordings you only pay shipping

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Product ID: 402106
Published 2018
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