Springing the Delaware Tax Trap: Drafting Limited Powers of Appointment to Increase Asset Income Tax Basis
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This webinar will provide estate planners and advisers with a thorough and practical guide to utilizing the Delaware Tax Trap technique to increase asset basis and minimize income tax. The panel will offer guidance on drafting the powers of appointment needed to construct the trap, and discuss circumstances under which an inter vivos exercise of the appointment powers would yield a more favorable result. The speakers will also detail state law provisions covering perpetuities that planners and counsel need to be aware of in making sure that the trap is properly “sprung.”
Speaker: Steven T. O'Hara
Course Content:
- Using a Delaware Tax Trap powers of appointment designation to optimize basis
- State considerations—making sure the appointment powers will trigger a new perpetuities period
- Drafting suggestions
- When to exercise the limited power of appointment to "spring the trap"
- Illustrations of basis step-ups—the Trap in action
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