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October 10, 2018

NINGs, DINGs and WINGs - Understanding the Tax Angles of Self-Settled Trusts

NINGs, DINGs and WINGs may sound like characters in a new Pixar animated film. In reality, they’re the names bestowed on certain self-settled trusts (sometimes referred to as nongrantor trusts) in states providing a favorable tax environment for these trusts. The acronyms stand for Nevada Incomplete-gift Nongrantor Gift (NING) trusts, Delaware Incomplete-gift Nongrantor Gift (DING) trusts and Wyoming Incomplete-gift Nongrantor Gift (WING) trusts, respectively.

If you’re noticing a trend — none of these three states impose an income tax on its residents — it’s no coincidence. The use of NINGs, WINGs and DINGs is tied directly to tax savings on the state level for high-income individuals. (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: Delaware Incomplete-gift Nongrantor Gift, Nevada Incomplete-gift Nongrantor Gift, Nongrantor trusts, Self-settled trusts, Wyoming Incomplete-gift Nongrantor Gift,

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