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.