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.
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