Endangered Species: Grantor Trusts?

A favorite estate planning transaction used by many sophisticated estate planning attorneys across the country involves the use of an “intentionally defective grantor trust” (IDGT).  The “grantor trust” rules of the Internal Revenue Code instruct that a grantor trust is not taxed as an entity separate from the grantor (the person creating the trust) and that […]
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Determining Residency for California Income Taxes

Many of our clients have residences in or spend a significant amount of time in both Nevada and California.  Although the state of Nevada has no income tax, the state of California taxes non-residents on any California taxable income and California residents on all income.  If individuals are not careful, they may be considered residents of California and therefore subject to […]
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