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Supreme Court Strikes Down Taxation on Undistributed Trust Income – What Does It Mean?

This webinar entitled “Supreme Court Strikes Down Taxation on Undistributed Trust Income – What Does It Mean?” was originally produced on Tuesday, July 9, 2019. We hope that you enjoy the full recording of the presentation and additional resources offered below.

In an unanimous decision, the Supreme Court strikes down North Carolina’s attempt to tax undistributed income of a resident trust properly sitused and administered in a no income tax state like South Dakota. You can read more about it by clicking here. Indicating that to do so is a violation of due process, the Court’s decision is a very important affirmation and validation of powerful state tax planning tools available in non-income tax jurisdictions, and again, underscores the vital importance of selecting proper trust jurisdiction in the planning process.

During this webinar, David Warren (Co-Founder/Chairman of the Board at Bridgeford Trust Company and President/CEO of Bridgeford Advisors), William Lipkind (Attorney, Partner, and Chair of Wilson Elser’s Tax Planning & Controversies practice), and Terry Prendergast (Of Counsel at Davenport, Evans, Hurwitz & Smith, LLP) presented an informative discussion on the Kaestner case and its practical implications with respect to state tax planning and the power of utilizing sophisticated modern trust law planning techniques, only available in top tier trust jurisdictions like South Dakota.

Bridgeford Trust is proud to share that we joined forces with trust companies from South Dakota, and across the nation, to fund an Amicus Brief filed with the Court in support of the taxpayer, and the important constitutional issues at stake in this case. It was a very impressive effort, pulling together trust and legal professionals from all over the country with the focus of having a positive impact on the Court’s analysis in this very important case. The Court’s decision is a victory for the trust industry and planning community, and affirms powerful state tax planning techniques available by simply selecting the proper trust jurisdiction for trust formation and administration. Click here for information about these techniques and click here for a detailed chart comparing top tier trust jurisdictions.

If you have any questions regarding the material covered in this webinar, please contact Bridgeford Trust via our contact page.