Changes in the federal tax laws have provided a renewed focus on state income taxes and strategies available to minimize these taxes.

While personal trusts have been used most commonly as estate and gift tax planning vehicles, they now have increased importance as tools for minimizing a family’s federal and state income tax liability.

If you live in a high-tax state there may be opportunities to reduce or eliminate state taxes on some of your income by establishing a new trust in Delaware or moving an existing trust to the First State.

 

Please see important disclosures at the end of the video.