ING Trusts: How to Minimize State Income Taxes (Ep. 83)

There is a wide disparity in tax rates between U.S. states. For example, the top tax rate in California is 13.3%, while South Dakota has 0% state tax on trusts! However, if you live in a high-income-tax state, you can still benefit from lower tax rates without moving physically. In this episode, Kyle Malmstrom, Managing Director, and Roby Kotcamp, CFP®, Senior Wealth Advisor, explain how to use an Incomplete Non-Grantor (ING) Trust to minimize state income taxes. Kyle and Roby discuss: Types of assets suitable for an ING Trust The correct sequence of steps to ensure the ING Trust is set up properly An example showcasing the practical application and scope of an ING Trust Potential pitfalls of the ING Trust strategy Alternative strategies for states where an ING Trust is not possible (E.g., California) And more Resources: Blog: “ING Trusts: Control Your Assets and Minimize Income and Estate Taxes” Centura Wealth Income Tax Strategies Webinar Series Connect with Kyle Malmstrom: Email: Kyle Malmstrom LinkedIn: Kyle Malmstrom Connect With Roby Kotcamp: Email: Roby Kotcamp LinkedIn: Roby Kotcamp Connect With Centura Wealth Advisory: (858) 771-9500 Centura Wealth Advisory LinkedIn: Centura Wealth Advisory