This article reprint was published in the Fall issue of Delaware Banker magazine and provides a discussion on why New Jersey residents are particularly well-positioned to save New Jersey income tax through the use of Delaware trusts.Please see important disclosures at the end of the article.
With a declaration made, there is still some uncertainty regarding the election, so planning is key.Joseph R. Biden Jr. has been declared by major news outlets as president-elect of the United States while the country awaits results of recounts, court challenges, and key congressional races.With the potential for a significantly reduced federal gift tax exemption, now is the time to make significant gifts.
November 3, 2020, GEM 25 — A common mistake some people make is once they create a trust, they forget about it. They don’t see that ongoing evaluation of the trust and its tax basis can potentially yield income tax benefits down the road. Director of Income Tax Planning Tom Kelley discusses how you can potentially reduce your income tax liability by proactively managing the assets in your family’s trusts.