February 9, 2021, GEM 32 — Many people are familiar with personal trusts because they are common estate planning vehicles. However, a lesser known fact is personal trusts may also be used to minimize state income tax liabilities. By holding your wealth inside a trust, you may limit the ability of your home state to tax the trust’s income. In today’s podcast, National Director of Delaware Trust Planning, Jeff Wolken, discusses the steps you can take to mitigate state income tax.
July 14—With today’s historically high gift and estate tax exemptions, and historically low interest rates, the use of personal trusts can be particularly beneficial in this favorable wealth planning environment.
Delaware was the first state to pioneer many innovative trust laws, but the competition for trusts is fierce among the states. Wilmington Trust’s National Director, Delaware Trust Planning Jeff Wolken, sits down with Editor in Chief of Trusts & Estates magazine, Susan Lipp, at the 54th Annual Heckerling Institute on Estate Planning to share his insights on how Delaware sets itself apart from other states.Please see important disclosures at the end of the video.
A planning option when you need a trust, but want to or must maintain control.Many high-net-worth families find that their wealth is concentrated in a particular investment or sector, making estate planning difficult.A trust is an effective vehicle to overcome this obstacle and to transfer wealth to the next generation or to protect assets from creditors.