A post on Bryan Cave’s website, discussing state income taxation of trusts, notes that “an accurate assessment of the potential state income tax liability of a trust requires a detailed analysis of the laws of the various states in which the settlor(s), beneficiary(ies) and trustee(s) reside or with which the trust otherwise has contacts.”  However, the post continues by noting that, with advance planning, such an analysis can be undertaken and resolved before any adverse tax consequences accrue to the trust, potentially saving the trust an unexpected bill when tax time rolls around.

via Bryan Cave Private Client Blog.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.