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Supreme Court Finds State Tax on Trust Income Unconstitutional

The United States Supreme Court recently decided in the case North Carolina Dept. of Revenue v. Kimberley Rice Kaestner 1992 Family Trust (588 U.S. (2019)) that a State cannot tax income of a trust based solely on a beneficiary’s in-state residency, especially if no distributions are made.

Institutional Trustee & Fiduciary Representation
Institutional Trustee & Fiduciary Representation

Fiduciaries and corporate trustees must frequently navigate conflicting interests and ethical issues. Trusts, themselves, may include complex provisions that are a challenge to administer. Constantly changing laws and regulations—especially tax laws—can have an impact on trust administration. Trustees also are frequently called upon to deal with sensitive family issues and…

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