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Publications
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09.16.2019US Supreme Court Finds in Favor of Taxpayer Trust Beneficiary in KaestnerUpdatesOn June 21, 2019, the U.S. Supreme Court issued its opinion in North Carolina Department of Revenue v. Kimberly Rice Kaestner 1992 Family Trust. This unanimous decision stated that the State of North Carolina may not tax trust income that has not been distributed to the beneficiaries, for which the beneficiaries lack the right to demand the income, and for which the receipt of that income is uncertain simply because those beneficiaries reside in the state.
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03.14.2019Choice of Entity: Analyzing the Decision in the Wake of the New Tax ActArticles
The 2017 Tax Cuts and Jobs Act, coupled with the recent taxpayer victory in Lender Management, LLC v. Commissioner, has made family office planning a major focus of 2018. This article provides a general overview of family offices and their use in planning for the deductibility of investment management expenses before offering some considerations regarding the proper organizational structure for family office entities and family investment funds.
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04.26.2018Deductibility of Trust Expenses Under the Tax Cuts and Jobs ActArticles
Trusts & Estates
The Tax Cuts and Job Act of 2017 (the Act), was signed into law on Dec. 22, 2017, bringing a myriad of changes to the Internal Revenue Code and sparking a substantial amount of commentary and analysis. While much attention has been centered on the consequences of the Act for individual and business taxpayers, relatively little focus has been given to the impact of the Act on trust and estates. -
02.09.2018Private Company Tax Planning Opportunities for 2018UpdatesThe Tax Cuts and Jobs Act of 2017 and the recent taxpayer victory in the U.S. Tax Court’s Lender Management, LLC decision have created important planning opportunities for both our closely held and family-controlled entities in 2018.
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01.17.20182018 Key Trust & Estate Planning and Corporate Ownership Implications of the New Tax LawUpdates
With the passage of the Tax Cuts and Jobs Act of 2017, attorneys in Perkins Coie’s Trust & Estate Planning practice, along with our clients running closely held businesses, have already begun reviewing and implementing tax-efficient strategies.
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01.11.2018A New Era of Spousal Trust Planning: An Old Concern Arises with Reciprocal TrustsArticles
Bloomberg BNA: Tax and Accounting
With the Great Recession still fresh in the nation's collective memory and its wealth still seemingly in flux, and as the lifetime gift tax exemption shot up from $1 million to $5 million in 2011 and continued to rise (despite the threat of a return to $1 million after 2012), many individuals who were in a position to take advantage of the increase were hesitant to part with a significant amount, fearful that they could give away assets they may later need.
