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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Why Lorman?
Over 37 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
This course was last revised on February 18, 2021.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
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.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 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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