Can a trust be homeless? – Annapolis and Towson Estate Planning

Due to recent case law, it is possible for a trust to not be taxed for state income tax purposes due to the different laws in different states.  Between the different characters surrounding a trust, the grantor/settlor, the Trustee, and the beneficiaries, a trust may not be required to pay state income tax depending on the laws of each state in which the characters reside.  Whether a trust is discretionary, revocable, or irrevocable can also affect where a trust is taxed.  This does not begin to cover the complexities of the concept of a “homeless trust.”  Read more here.

ReferenceConsiderable (July 10, 2019) “How to assign power of attorney without sparking a family feud”

Sims & Campbell, LLC – Annapolis and Towson Estate Planning Attorneys