Something's Rotten in the State of NJ: When a Charitable Split-Interest Trust by Any Other Name Would Smell So Sweet

Private Wealth Services and Tax attorney Brian Balduzzi published an article in The Legal Intelligencer analyzing a recent New Jersey Tax Court decision reaffirming the state's longstanding position that only trusts with exclusively charitable beneficiaries qualify for an exemption from New Jersey gross income tax. Brian examines the implications of the Klein Charitable Remainder Unitrust ruling for charitable remainder trusts (CRUTs), split-interest trusts and estate planning strategies, highlighting how trust situs, governing law and trustee selection can affect state income tax exposure. He also outlines planning opportunities for New Jersey residents to minimize state income taxes while supporting charitable and noncharitable beneficiaries.

READ – Something's Rotten in the State of NJ: When a Charitable Split-Interest Trust by Any Other Name Would Smell So Sweet (Subscription required)