For more than a century, Delaware has been recognized as the “corporate capital” of the world. For generations, however, Delaware has captured the attention of families and their advisors, both nationally and internationally, as a favored home for their wealth transfer planning. Delaware maintains this rich tradition today with its variety of tax-efficient and innovative trust strategies.
With a well-developed body of trust law, evolving improvements to its trust statutes and the expertise of Delaware’s well-known Court of Chancery, the state has established itself as the jurisdiction of choice and the “trust capital.” Morris James’ trust counsel stands at the forefront of this tradition with extensive knowledge of the laws governing Delaware trusts, and a commitment to enhance The Delaware Advantage by active participation in the drafting committees responsible for keeping Delaware trust law on the cutting edge.
Delaware statutes provide a platform for the separation of trust administrative duties among trustees, trust advisers, and trust protectors. In a properly drafted trust instrument, a trustee can perform the traditional fiduciary functions related to investment and administration, while a trust adviser is responsible for managing specific assets or assets classes, such as concentrated positions and closely held business interests. Morris James attorneys advise fiduciaries and trust beneficiaries in creating trust documents that provide for efficient and productive division of administrative duties while preserving maximum flexibility and protection.
The Delaware Dynasty Trust
Delaware law permits trusts of indefinite duration. We assist our clients in developing such “dynasty” trusts, successfully preserving and transmitting family wealth from generation to generation without erosion by estate or inheritance taxes. In addition to the robust tax advantages, the dynasty trust can also facilitate creditor protection for succeeding generations.
- June 30, 2017
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- November 16, 2016
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- Morris James’ Attorney James J. Gallagher Elected Chair of Delaware State Bar Association Tax SectionJune 14, 2013
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- The Limited Liability Company and Partnership Answer BookAugust 18, 2017
- Entity Lifecycles: An Overview of the Statutory Requirements Relating to the Formation, Maintenance, and Termination of Delaware Corporations, Limited Liability Companies, and Statutory TrustsJanuary 30, 2017
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- December 2014