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DELAWARE TAX TRAP

Michael Breslow recently spoke at the Tax Committee of the Philadelphia Bar Association Probate and Trust Law Section. Michael's presentation was about the Delaware tax trap. He addressed how the Delaware tax trap works, drafting techniques when exercising powers of appointment to avoid inadvertently springing the trap and to ensure that GST exempt trusts and GST grandfathered trusts retain such status. He also touched on deliberately violating the Delaware tax trap to cause trust assets to be included in a powerholder's gross estate to achieve a step-up in income tax basis. A podcast of his presentation is available at http://www.philadelphiabar.org/WebObjects/PBAReadOnly.woa/Contents/WebServerResources/CMSResources/Sept25Probate(1)_Merge(1).mp3.

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