Save State Income Taxes Using a Nevada Incomplete Gift Non-Grantor Trust

Save State Income Taxes Using a Nevada Incomplete Gift Non-Grantor Trust

 Private Letter Ruling 201310002 (released March 8, 2013) is great news for taxpayers wishing to save a significant amount of state income tax. This Ruling approved the Nevada Incomplete Gift NonGrantor Trust (“NING Trust”) technique, thus opening the door for residents of states with a state income tax to significantly reduce that tax.Taxpayers in high tax states with large unrealized capital gains or a regular stream of ordinary income from an investment portfolio have always wanted to find a way to eliminate or minimize their state income tax exposure without giving up the economic benefit of the underlying assets. Over time, such a strategy can produce dramatic results.Read More.