Clarity on Income Tax Reimbursement for Grantor Trusts in Nebraska

May/June 2022
Nebraska CPA
Read Time: Less than 1 minute

Koley Jessen prepared the draft legislative language and testified before the Banking, Commerce, and Insurance Committee of the Nebraska Legislature in favor of LB 707, which updates the Nebraska Uniform Trust Code (NUTC) to provide clarity necessary to use Tax Reimbursement Powers in Nebraska IDGTs without the risk of gross tax inclusion. The Nebraska Legislature passed LB 707 on April 12, 2022, and the Governor signed the bill into law on April 20, 2022. The effective date of the new law is July 20, 2022.

The passage of LB 707 is just one more step in modernizing the NUTC and provides advisers and trustees alike with one more tool in their toolbox to add flexibility and value to their wealth transfer planning clients.

Read more in Nate Patterson and Craig Benson’s article featured in the May/June issue of the Nebraska CPA, linked below.

This content is made available for educational purposes only and to give you general information and a general understanding of the law, not to provide specific legal advice. By using this content, you understand there is no attorney-client relationship between you and the publisher. The content should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

Related Materials

Professionals

Explore Our

Newsroom


Learn about the latest legal news, firm announcements, and upcoming events on the topics important to you and your business.

Jump to Page

Necessary Cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.

Analytical Cookies

Analytical cookies help us improve our website by collecting and reporting information on its usage. We access and process information from these cookies at an aggregate level.