Oshins & Associates and State Income Tax Avoidance Planning

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.