Nevada Incomplete Gift Non-Grantor Trusts ("NINGs")

A Nevada Incomplete Gift Non-Grantor Trust (“NING”) is an irrevocable trust that is structured to be its own independent taxpayer for state and federal tax purposes (a Non-Grantor Trust).  Transfers made to a NING are incomplete gifts for transfer tax purposes.  This means that you do not need to be concerned about values as limitations on assets contributed to a NING.  The NING utilizes Nevada’s  self-settled spendthrift trust statutes to allow you to be a beneficiary while saving state income taxes. If you are a resident of a state with a high rate of state income tax, a NING may be a viable option to reduce your state income tax liability on an annual basis, or if you anticipate a liquidity event.  To learn more about the NING and whether it may save you state income taxes, please contact us.