This article was published in the September 21 New York Law Journal Special Trusts & Estates section and provides a comprehensive review of trusts & estates-related legislative activity, specifically in New York, but the proposals often frame issues with which state legislatures across the country are now grappling.
August 10, 2021—Those who live in a high-tax state could benefit from the use of a Delaware incomplete-gift non-grantor (DING) trust. It’s an attractive technique that may reduce or potentially eliminate state income taxes on capital gains occurring inside the trust. In today’s podcast, National Director of Delaware Trust Planning Jeff Wolken discusses a tax-smart planning opportunity through the strategic use of the DING trust.
July 27, 2021—The SECURE Act, which went into effect in 2020, severely curtailed the “stretch IRA” as an estate planning strategy. Previously, a beneficiary could extend IRA distributions over his or her lifetime. Now, an heir must withdraw all assets within 10 years of inheriting the account, which can present major tax consequences.