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Teaching Your Old Trust New Tricks
Northern Trust
Simply because the instrument governing your trust states that it is irrevocable and cannot be amended does not mean it cannot be modified to serve your family’s needs and changing
SCOTUS Rules that North Carolina Tax on Certain Trusts Violates the Due Process Clause of the Fourteenth Amendment
BDO
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
Supreme Court Decision in Kaestner Could Create New Opportunities to Save State Taxes by Moving Trusts to Tennessee
John M. Bunge, Waller Lansden Dortch & Davis
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
Special Purpose Entities (SPEs) May Now Serve as Trust Advisors in Tennessee
Aaron Flinn, Waller Lansden Dortch & Davis
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
Is a Domestic Asset Protection Trust Right for You?
James J. Steffel, Warner Norcross & Judd
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
Is the Traditional Bypass Trust Outdated?
Justin Vossen, Lutz
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
Results Oriented Trusts: Balancing Settlor Intent with Beneficiary Needs
More and more families are looking to ensure that their philosophy and values align with their goals in creating trusts. A results-oriented trust is one that has been particularly designed as a tool
A Comparison of State PTC Laws
John M. Bunge, Waller Lansden Dortch & Davis
There are various laws and issues to take into account when considering a state in which to form a Private Trust Company, including requirements around annual reporting, residency of personnel, and
Family Banks: Personal Commitment, Accountability and Multi-Generational Mentoring
Jennie Cherry and Miles Padgett, Kozusko Harris Duncan
Over the past decade, matriarchs and patriarchs of successful families have been shifting their focus from their children to a broader group of individuals, such as grandchildren, siblings, and
U.S. Reporting: Requesting IRS Filing Extensions
Jennie Cherry and George N. Harris Jr., Kozusko Harris Duncan
Even the best laid plans or checklists for filing the various U.S. forms on time can sometimes go astray. When they do, it is prudent to request an extension to file the particular return. Careful