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For the investors who like the tax benefits of Section 1031 (aka “Like-Kind”) Exchanges, they should consider a new option for sheltering real estate capital gains: Qualified Opportunity Zone Funds (QOZF). These funds have arisen as a result of the Tax Cuts and Jobs Act of 2017, which designated Qualified Opportunity Zones to promote investment in economically distressed areas. While 1031s remain a useful tool, QOZFs have many tax and other advantages compared with 1031s.

Families with complex assets, such as family businesses, as well as those who have portfolios managed by multiple advisors, may find trustees reluctant to administer their trusts. This is because, in many states, the trustees remain liable for the actions of delegated third-parties or even named advisors. Delaware directed trusts can alleviate this issue, and when drafted properly, can offer the settlor more opportunity for control, flexibility, and customization to accomplish the family’s financial and estate planning goals.

A new U.S. Supreme Court ruling in the Kaestner case means that more out-of-state residents will be able to fully realize the benefits of Tennessee's progressive trust laws and zero income tax on non-residents. Previously, many states relied on the residence of a trust beneficiary as one of the criteria for taxing a trust. In essence, the new ruling makes that criteria alone unconstitutional.

Over the years, many families and their advisers have come to find that the State of Delaware is a trust-friendly jurisdiction that promotes modern laws and attractive income tax advantages. This paper highlights the most significant legal and tax benefits for nonresidents, and their professional advisers, who may be considering whether to establish a trust in Delaware.

Given the uncertainty after the 2016 presidential election, it is critical to implement the best strategies to minimize taxes come April 15, 2017 (and beyond). While it is unclear which tax reforms will be pursued and what order, there are considerations and informational points—broken down by tax areas in a summary of planned changes—that will provide some education relevant to higher-income taxpayers.

A much anticipated and, perhaps, over-hyped news conference rolling out the Trump Administration’s tax reform plan generated very little “new news.” Treasury Secretary Steven Mnuchin and National Economic Director Gary Cohn presented an outline of a plan that is very similar to the talking points the President promoted on the campaign trail. Perhaps the most interesting tidbit of information from the 23-minute briefing was a change in the Administration’s proposal for the treatment of itemized deductions for individual taxpayers.

When a loved one dies, there isn’t a checklist of tasks to complete to expedite the grieving process. When you have been named the Executor (or “Personal Representative”) of the estate, you have an administrative process to navigate in addition to the emotional one. Thankfully, in that role, there are a finite number of actions that are involved, and plenty of places to turn for guidance.

One of the most important, yet most forgotten, parts of estate planning is keeping track of who will benefit from those assets, including life insurance, which are not governed by your will. Providing for your family includes knowing which types of assets are not governed by your will; ensuring your assets are going to where you want them to go; and keeping your beneficiary designations updated.

You have too much at stake to be caught unprepared, and your family is too important to be left in the lurch by an estate plan you didn’t realize that you had outgrown. If it has been a while since you have looked at your estate planning and settlement documents, it is time to perform a stress-test on your plan to ensure that none of the key components are missing or outdated. Performing this test regularly is time well-spent to protect your family from the unexpected, including an unanticipated incapacity and death.

Every state has its own set of rules for assessing income tax against a trust. In some situations, a trust might be required to file tax returns in three or more separate states. Recently, the U.S. Supreme Court decided a case that addresses how a state may tax a particular trust. We take a closer look at that decision and how it impacts state taxation of trusts—and possibly you. With careful thought, and the assistance of counsel, there are opportunities and tools available to draft trusts that can minimize, if not eliminate, state trust taxation.