Dear Garden State Trust: I’m going to make a major charitable gift to my alma mater, but I also need to provide for my heirs. How can I balance these competing interests? —Budding Philanthropist Dear Budding: Explore a split-interest charitable trust. Such a trust has both private and charitable beneficiaries (hence, the “split”). You contribute…
Month: January 2021
Taxation and Residence
States are facing the issue of how to manage spending given declining tax revenue due to the pandemic, so they are taking another look at the taxation of residents and non-residents. How does a state tax a nonresident on income? For the majority of states, nonresident income tax applies only to those wages that are…