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On June 21, 2019, the Supreme Court of the United States issued a unanimous opinion finding that North Carolina’s imposition of an income tax on trusts based solely on the residence of a trust’s beneficiaries is unconstitutional. While Kaestner 1992 Family Trust presents an obvious win for taxpayers, its application beyond the state of ...

Over the years, many families and their advisers have come to find that the State of Delaware is a trust-friendly jurisdiction that promotes modern laws and attractive income tax advantages. This paper highlights the most significant legal and tax benefits for nonresidents, and their professional advisers, who may be considering whether to establis...

If you are a global family and are considering an investment in the United States, you may have questions about the U.S. tax rules. Through a series of 10 key questions, answers are provided to help the non-U.S. individual investor better understand the U.S. tax system. Other takeaways, including reporting obligations and privacy concerns, may help...

2018 brought radical transformation in the federal tax landscape. The effects continue to cascade through the economy, and individuals, families and businesses are striving to find equilibrium amid the change. Of course, radical transformations can occur at the individual level as well. A good wealth plan anticipates personal disruptions, transitio...

Talking about wealth is every bit as important as creating a technical wealth plan—if not more so. Preparing a wealth transfer plan without helping your loved ones understand how to manage those assets in their own lives leaves the true process of sharing wealth incomplete and subject to real, but avoidable, risks. In this guide, you’ll find ways t...

A new U.S. Supreme Court ruling in the Kaestner case means that more out-of-state residents will be able to fully realize the benefits of Tennessee's progressive trust laws and zero income tax on non-residents. Previously, many states relied on the residence of a trust beneficiary as one of the criteria for taxing a trust. In essence, the new r...

In Part 1, we explored the potential tax pitfalls of the Tax Cuts and Jobs Act of 2017. In Part 2, we looked at new income tax planning opportunities. In this final Part 3, we look at potential estate planning opportunities and strategies that could result in profound tax savings for your family.

There has been much discussion regarding the Qualified Opportunity Zone program established via the Tax Cuts and Jobs Act in 2017 because of potential tax advantages. This program aims to incent long-term private sector investment in low-income communities nationwide while allowing investors to potentially defer and partially reduce capital gains t...

The IRS released its second set of proposed regulations under Internal Revenue Code, Section 1400Z-2, Special rules for capital gains invested in opportunity zones. While some questions remain unanswered, it provided much needed guidance for investors, fund managers, developers, and sponsors pertaining to qualified opportunity zone business propert...

Recent statutory changes in Tennessee law has authorized the separation of the traditional trustee roles by allowing for the appointment of a Trust Advisor (also referred to as a Trust Protector) who can have the authority to “direct” an exercise of a power held by the Trustee, including direction concerning investment and distribution ...

A Domestic Asset Protection Trust (DAPT) provides an opportunity to protect your assets from the claims of third-party creditors, which makes it a powerful tool to enhance your estate plan. Because DAPTs require giving up some control over your assets, they are not right for everyone. But they can provide protection for individuals in careers with ...

The role of the tax function is changing. Digitization is shrinking the globe and making everything more connected. Tax regulation and legislative changes are requiring companies to have processes and systems in place in order to comply. Today’s tax professional is charged with advising senior management on the tax implications of strategic b...

It's clear that tax reform is just one manifestation of the changes happening across the tax function. What was once a relatively routine field now faces shifting regulations and compliance issues both at home and abroad. The role of the tax professional is changing from numbers-cruncher to strategic leader, and adept tax professionals in 2019 ...

One of the most important, yet most forgotten, parts of estate planning is keeping track of who will benefit from those assets, including life insurance, which are not governed by your will. Providing for your family includes knowing which types of assets are not governed by your will; ensuring your assets are going to where you want them to go; an...

Many early-retirement Boomers feel comfortable that their estate plan is in order, having put their estate plan in place when they had younger children. With adult children, and the increase in the estate and gift tax exemption amounts, many feel that there is little planning to be done. However, upon review, there are plans that may need adju...