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 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 […]