Jennifer A. Mendel, JD

Recent U.S. Supreme Court Case Impacts Trust Taxation

The U.S. Supreme Court recently issued its opinion on North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust, which addressed “….the limits of a State’s power to tax a trust.”  This is the first time in decades the Supreme Court has addressed this issue, and its decision could have significant implications for the private client.

Planning with trusts is a central component to any comprehensive wealth plan, and in addition to leveraging the estate, gift, and GST exemptions, consideration should be given to a trust’s income tax treatment.  And when a trust is structured as a “non-grantor” trust - meaning it is responsible for its own income tax burden - state law governs the state where a trust may be taxed.

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Article Written By:       

Jennifer A. Mendel, JD, and Michael H. Israel, MA, JD, LL.M.

 

It’s Back to School Time – Is your Student Ready?

As a new school year is beginning, you may be, like many families, embarking on a new chapter and preparing to send a child to college.  With all of the excitement and emotion surrounding this transition, it’s easy to overlook that your college student is also entering legal adulthood.  While we know that your child will still be emotionally and financially dependent on you (at least a while longer), in most states the age of majority is 18.  Click to Continue Reading

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