All Wealth Planning Content

Forestalling Forties Follies

Richard W. Nenno |
Wealth Planning
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Beware of pre-October 22, 1942 general powers of appointment.Are assets subject to a general power of appointment (GPOA) includible in the powerholder’s estate? Generally, yes.However, for trusts established before October 22, 1942, there’s an exception in which the assets subject to the GPOA aren’t necessarily includible in the estate of the powerholder.Practitioners should be aware of this as these trusts wind down.Co-authored with Emily B.

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Why Consider Living in Florida?

Wilmington Trust |
Wealth Planning

The Sunshine State offers a host of financial and tax benefits. Florida residents likely enjoy significantly reduced tax obligations compared to many other states.Florida does not impose a personal income tax, an inheritance tax, a gift tax, or an intangible personal property tax.The more ties you have to Florida, the more likely your Florida domicile will be respected.

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Opportunities for Saving State Income Taxes on Trusts Expanded with Kaestner Trust Decision

Richard W. Nenno |
Wealth Planning
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U.S. Supreme Court holds presence of resident discretionary beneficiaries does not justify North Carolina income taxation of nonresident trustee in Kaestner Trust. When determining whether a trustee of a nongrantor trust must pay a particular state’s income tax on retained ordinary income and capital gains, practitioners should resist the impulse to consult the governing-law clause in the Will or trust instrument.

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