How does the new law affect ING trusts?
New York tax and estate planning attorney Carlyn McCaffrey of McDermott Will & Emery discusses how the new law impacts ING trusts.
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For New Yorkers, it takes away the tax advantage that previously existed because what the new New York law does is say that if a New Yorker creates one of these trusts and doesn’t incur a taxable gift, which is, of course, the whole point, otherwise it’d be very expensive to create, the trust, even though it’s not treated as a grant or a trust for federal purposes, will be treated as a grant or a trust for New York purposes so long as it was created by a person who was New York resident and so long as she continues to live in New York.