Pacific Currents: California Income Taxation of Departing Residents & Their Trusts

July 13, 2018 at 12:00pm1:00pm
Fox Rothschild LLP

Edwin P. Antolin, Antolin Agarwal LLP
Peter S. Myers, Fox Rothschild LLP

If you are drafting or establishing California trusts for income-tax-sensitive clients, you might want to rethink your trustee selection clauses.  Mistakes here, at a 13.3% fiduciary income tax, can be costly to your clients and, possibly, you. Non-residents do not understand why they should pay 13.3% on their income, when they have little or nothing to do with California. That sentiment does not change simply because the non-resident once lived in California, or had a parent living in California, who bequeathed them some appreciating assets. Ed and Peter will discuss the changing landscape of the resident-non-resident departing Californian, the resident-non-resident trust, and how planners can fairly easily avoid the issue by proper drafting.

*Please note there is a cost to attend.