Some states (like California, New Jersey, and New York) charge significant capital gains taxes.
However, there are 8 states that have zero capital gains tax!
This disparity creates some tax planning opportunities for people living in highly taxed states.
Tune in to Derek Myron’s conversation with Adam Buchwalter, Partner at Wilson Elser, about effective tax-saving strategies for high-net-worth individuals, founder-led business owners, and C-level executives who want to reduce their capital gains taxes from a large liquidity event.
Adam and Derek discuss:
- The benefits of setting up a non-grantor trust in a state with lower tax rates
- ING Strategies and their tax implications
- Why the same strategy may not work in New York or California (and what to do instead)
- Tax advantages of QTIP Trusts
- And more
Related: Boosting Retirement Savings for High-Income Business Owners