openPR Logo
Press release

Oshins & Associates and State Income Tax Avoidance Planning

03-01-2021 08:28 AM CET | Politics, Law & Society

Press release from: Law Offices of Oshins & Associates, LLC

State income tax savings has become one of the hottest areas of practice.

State income tax savings has become one of the hottest areas of practice.

The Law Offices of Oshins & Associates has set up hundreds of non-grantor trusts to save state income taxes for its clients.

This has been done both to avoid state income taxes on the sale of a client's business and to avoid state income taxes on portfolio income and other types of income.

According to managing partner Steve Oshins, Esq., "Most of these clients have net worths in excess of $10 million in order to make this viable. However, sometimes we can make it pencil out for clients with lower net worths."

There are different types of non-grantor trusts that can be used. One popular option is the incomplete gift non-grantor trust which is generally focused exclusively on income tax avoidance. The other options are completed gift versions. The right option is determined based on the facts, including the client's state residence.

"This planning became even more important after the 2017 tax act limited the deductibility of state and local taxes to $10,000 per year," Oshins noted.

The trust generally must avoid having any trustees residing in the client's state of residence, although the specific rules are state-specific.

Law Offices of Oshins & Associates, LLC
1645 Village Center Circle, Ste. 170
Las Vegas, Nevada 89134

The Law Offices of Oshins & Associates, LLC is an estate planning firm located in Las Vegas, Nevada, but with roughly 80% to 90% of its clients residing outside of Nevada. The firm has five attorneys and more than 7,000 clients with roughly 1,000 clients having net worths in excess of $100 million. However, the firm also caters to clients with net worths below $5 million as well.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Oshins & Associates and State Income Tax Avoidance Planning here

News-ID: 2249715 • Views: 738

More Releases for Associates

Miller & Associates Realty
Panama City Beach real estate broker, Miller & Associates, has partnered with one of the top real estate SEO companies to expand their reach into the Panama City Beach and 30A real estate markets. Miller & Associates Realty cover the real estate waterfront in beautiful Panama City Beach Florida and are dedicated to maintaining close working relationships with their clients. Ranging from residential properties, commercial properties, condos and other recreational
Welcome to Wallace Associates
Wallace Associates is a locally-owned career management and coaching firm, leveraging over 25 years of business expertise, to provide customized career transition / outplacement, executive coaching, and personal coaching services. Through our partnership with OI Global Partners, we can offer these services through over 200 locally-owned offices in more than 25 countries. Career Transition Outplacement / career management is a consulting service designed to assist organizations through some difficult processes, ranging from
Goldhill Associates Investment Guide
Alternative investment guide from Goldhill Associates to help out in this process of choosing best investment strategy. Here at Goldhill Associates it is our mission to ensure that we maintain our streamlined system and to become a leader in the market sector of global financial advisory services, and that we all as a collective must do our utmost to help our clients to first attain their financial goals and then to
Goldhill Associates Investment Guide
Alternative investment guide from Goldhill Associates to help out in this process of choosing best investment strategy. Here at Goldhill Associates it is our mission to ensure that we maintain our streamlined system and to become a leader in the market sector of global financial advisory services, and that we all as a collective must do our utmost to help our clients to first attain their financial goals and then to
Bradley Associates: Corporate Funding
Seasoned professionals who have extensive experience undertaking corporate finance transactions from within business consultancy practices run our Business Funding department. Bradley Associates can supply business operations with assistance in business plans and also pass on management advice in support of applications for corporate finance. We are able to bring real and applicable knowledge to almost any type of corporate finance project. Bradley Associates: Corporate Funding - Type of Corporate Finance
Bradley Associates: Why Bradley Associates
Bradley Associates has developed an extensive network of professional resources. We select from among an array of carefully chosen managers to structure portfolios that meet the needs of our clients. We help our clients stay competitive in the constantly changing markets of the modern world. Bradley Associates diversified strategies are designed to target attractive risk-adjusted returns and lower volatility than most traditional asset classes. These strategies aim to be achieved through