Free Webinar: INGs: Extraordinary Planning Tool to Reduce Income Tax Even for Those in Income Tax Free States
Date and Time of Webinar: Wednesday, November 14th at 3:00 p.m.
Description: Incomplete non-grantor trust (“ING” Trusts), called “DINGs” if in Delaware, “NINGs” If in Nevada, and so on, are not grantor trusts for income tax purposes. Traditionally transfers to INGs are not completed gifts for gift tax purposes. These trusts can provide a particularly useful federal and state income tax planning vehicle to address some of the adverse changes of the 2017 Act. For example, the net cost of state income taxes for many taxpayers will increase because they will not get an income tax benefit from the deduction on their federal income tax return. For example, a taxpayer will get no tax benefit if she or he (or a married couple filing jointly) uses the standard deduction. If an ING trust owns a portion of the settlor’s home and paid the appropriate share of real estate taxes, it could qualify for up to a $10,000 property tax deduction as the non-grantor ING trust would have its own $10,000 state and local tax (SALT) limitation. If non-source assets, such as securities, are transferred to an ING in a tax friendly state, home state income taxes may be avoided on those earnings. Proposed Regulations under 199A include restrictions on the use of multiple trusts. While these rules limit they may not eliminate all 199A planning with INGs. A webinar on INGs will be presented November 14, 2018. Within a week a recording will be posted, with additional handout materials to the webinar tab on this website www.shenkmanlaw.com/webinars. The power point for that presentation can be found by clicking the following link: https://shenkmanlaw.com/uploads/2018/11/ING-Lipkind-Blattmachr-Slaw-Peak-Interactive-Nov-12-2018-FINAL-1-slide-page.pdf
Registration: You can register for this webinar at the following link: https://attendee.gotowebinar.com/register/2590713672171203075
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