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The challenges of 2023 are an opportunity to address planning from a fresh perspective.  There is a window of opportunity that may remain indefinitely – or may be closed in a few years– never to return in the client’s lifetime. The phrase “use it or lose it” may be appropriate.

The 2023 Estate and Tax Client Planning Letter encourages clients to take a fresh look at their planning situation to be sure that their decisions and documents express and memorialize those decisions, are up to date and take maximum advantage of the estate planning, income tax and business planning opportunities offered by the tax law.  

This catalog lists All Books AND All Forms currently available on www.NLFforms.com.   The catalog is easy to view eletronically and to print.  Books and Forms are listed by practice area.

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This document is an Incomplete Non-Grantor Trust (“ING Trust”). It is drafted with a Nevada Trustee, and intended to have Nevada as its situs, but it may be used as a template for other states which do not have a state income tax (South Dakota, Alaska, Delaware (for non-residents) Wyoming, etc.) where ING Trusts are favored. In such other states, it is necessary to have a trustee situated in that state as the trustee. Attention should be paid to determine if other states have specific provisions that should be added to this document.

The purpose of an ING Trust is to hold assets of a taxpayer who resides in a high-income tax state and allow those assets to not be subjected to income tax in the state of the taxpayer’s residence, since the trust is not a grantor trust of the taxpayer. Instead, the trust is created as a non-grantor trust, subject to the income tax laws of the state where the trust is located, in this case, Nevada. Since Nevada does not have an income tax, the income is not subjected to state tax if it is not distributed. If it is distributed, then it is subject to the income tax laws of the state of the distributee’s residence.

An ING is used by people in high income tax states (like CA for example) to move intangible investment assets into it to avoid the income from them being subjected to CA income tax. Thus, it is a “device” designed to eliminate state (not federal) income tax.

Last November, Massachusetts passed a new law increasing the income tax rate on incomes over $1 million by 4%. For those clients, an ING might be very appealing.

Of course, advisers need to check their state law. New York passed a law saying if you have an ING it will still be taxed by New York as a grantor trust (income taxed to the grantor). However, New York residents might still create INGs and see if New York law holds up. 

In this 56-Page book, Steven G. Siegel thoroughly explains the most frequently used trusts.   Mr. Siegel includes Planning Pointers along with his detailed trust explanations.  Whether you are a current planner or interested in becoming knowledgeable about this practice area, this book will be of value to you.

The trust is an essential tool of the planner and is widely used in financial and estate planning. It is simply an arrangement by which one person holds legal title to an asset and manages it for the benefit of someone else. It has, of course, many uses outside the field of financial and estate planning. One can use a trust in a business setting. For example, consider the employee benefit trust, the debtor-creditor trust, the voting trust, and the trust used in connection with sales and financing. A trust is an excellent asset protection vehicle. Given the wide array of potential uses, certain trusts have also become the subject of abuse by unscrupulous promoters and have been included in the IRS “Dirty Dozen Tax Scams.” As a result, the planner should be cognizant of this fact and ensure a legitimate and valid purpose of any trust vehicle.