State and Federal Taxes can affect your Trust
by Jesse Chapel
On December 18, 2014, Jesse Chapel presented “Hot Topics in State and Local Tax” to the Tax and Bankruptcy Sections of the Oklahoma Bar Association. His presentation focused on state taxation of trusts and estates. Attorneys and Trustees need to be aware that trust income could be subject to tax in more than one state, which may be avoidable with proper planning. In taxing trusts, states usually classify a trust as either a “resident trust” or a “non-resident trust.” States use different criteria for determining whether a particular trust is a resident trust. As such, it is possible that two states could classify a trust as a resident trust, which creates the danger of double taxation.
To learn more about how taxes can affect trusts or if you have questions about taxation, tax planning or estate planning, please contact Jesse by email at email@example.com or by phone at 405.272-9241.
Download Blog in PDF Format
Posted on Tue, December 23, 2014
by Andrews Davis