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Listen "Avoiding (or Using) The Delaware Tax Trap: A Must-Know for Advisors"
Episode Synopsis
In this episode of TFE Talks, Jordan Goewey and Parker Baker break down the complex topic of the Delaware Tax Trap, a strategic estate planning tool that can boost tax efficiency for beneficiaries of irrevocable trusts. They explain what the Delaware Tax Trap is, when and how to leverage it for a basis step-up on appreciated assets, and the pros and cons of using a beneficiary’s will versus decanting a trust. Listeners will learn how rising estate tax exemptions make income tax planning more crucial than ever, and receive practical guidance for identifying opportunities and avoiding common pitfalls in advanced trust and estate administration. Don’t miss these great insights! Topics in this conversation include: Explaining the Delaware Tax Trap (0:50)What Triggers the Trap and Why It’s Dangerous (1:22)Who Should Use the Delaware Tax Trap? Ideal Scenarios (3:29)Using a Limited Power of Appointment: Process and Benefits (5:17)Comparing Decanting vs. Delaware Tax Trap: Pros and Cons (7:12)Practical Advice for Listeners on Identifying Opportunities (10:24)Income Tax Planning is the New Estate Planning (11:09)Parting Thoughts and Ways to Learn More (12:33)TFE Talks: Navigating Wealth, Business, and Legacy is the official podcast from Thomas, Fisher & Edwards, a premier estate planning and business advising law firm in Greenville, South Carolina. Each episode, our attorneys break down complex legal topics—covering estate planning, business strategy, and legacy building—into clear, actionable insights. Whether you're refining a plan with our team or preparing for the future, this podcast serves as your go-to resource for thoughtful, strategic planning. Tune in for guidance that helps you protect what matters most. Learn more at www.tfelawfirm.com.The information provided in this podcast is for general informational purposes only and should not be considered legal advice. Listening to this podcast does not create an attorney-client relationship with Thomas, Fisher & Edwards or any of its attorneys. Laws and regulations vary, and legal matters are highly fact-specific. For personalized legal guidance, please consult with a qualified attorney. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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