Tax Law

Trusts can be used for more than estate planning and asset protection.  Irrevocable trusts can also be used to provide income tax savings for you and your family.  For example, a Non-Grantor Trust may be used to shift the income tax liability for an asset to a beneficiary or beneficiaries who are in a lower income tax bracket.  Likewise, a Nevada Incomplete Gift Non-Grantor Trust (“NING”) may be used to save state income taxes if you are a resident of a high taxing state.  Further, under current law there may be opportunities for a step-up in basis to apply to assets at a senior generation’s death (Basis Bumping).  For more information on designing your trust planning for optimal income tax savings, please contact us.