This tactic to avoid income taxes without moving to Florida could surge thanks to a 'silver tsunami'
Rich entrepreneurs can use an ING trust to save on income tax without leaving high-tax states.
Ivan Rodriguez Alba
- Uber-rich business owners in high-tax states can save on income taxes without moving.
- Instead of selling their businesses outright, they put their stock in a trust in a tax-haven state.
- Incomplete non-grantor trusts come with strings attached but can pay off nicely.
Top earners continue to flock to states with little to no income tax such as Florida and Texas.
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