Kaestner and State Income Taxation of Trusts

Monday, July 1, 2019, 12 noon EDT

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Webinar Description:

You are invited to listen to a complimentary in-depth discussion of a just-released U.S. Supreme Court opinion of extreme importance.

On June 21st, the Supreme Court of the United States entered its opinion in North Carolina v. Kaestner, 588 US (2019).  The Kaestner case represents an extremely important decision for all estate planners, trust officers, trustees, and advisers.  Although the holding is a narrow one, it is vitally important. The Supreme Court held that a state may not impose income tax on undistributed income of a trust where the trust’s only contact with the state is a beneficiary living in the state, who might have received (but did not actually receive) distributions from the trust.

The entire decision needs to be considered in planning and in trust administration.  For example, the court hints that perhaps even holding meetings in a state might provide a sufficient connection to allow the state to impose state income tax on a trust.  Three leading experts, Jonathan Blattmachr, Mitchell Gans, and Martin Shenkman will discuss the Kaestner opinion and provide explicit recommendations on structuring and administering trusts to avoid state tax on trust income.  Mitchell and Jonathan were two of the authors of the ACTEC amicus brief submitted to the Supreme Court on which the court seems to have relied in forming its opinion.

Webinar Speakers:

Jonathan G. Blattmachr, Esq.

Jonathan G. Blattmachr has over 35 years of experience in trusts and estates law and is currently a Principal at Pioneer Wealth Partners, LLC. He is a retired member of Milbank Tweed Hadley & McCloy and the Alaska, California and New York Bars. Mr. Blattmachr writes and lectures extensively on estate and trust taxation and charitable giving and has authored or co-authored eight books and over 500 articles on estate planning topics. He also co-developed Wealth Transfer Planning™, an InterActive Legal software system published for lawyers that provides specific client advice and automated document assembly for wills, trusts, powers of attorney, and other estate planning documents.

Mitchell M. Gans, Esq.

Professor Mitchell M. Gans is the Steven A. Horowitz distinguished professor in taxation at Hofstra University School of Law, and an Adjunct Professor of Law at NYU Law School. He is an Academic Fellow at ACTEC and is the Academic Editor of the ACTEC Journal. Professor Gans is a leading scholar in the estate-and-gift tax area, teaching courses for the IRS on estate and gift tax and valuation methodology. He is a frequent lecturer for ALI-ABA, NYU, ACTEC, the ABA and other groups and has written numerous articles on estate tax planning topics, including a recent Leimberg Information Services article, co-authored with Jonathan Blattmachr, on the Proposed Section 2704 Regulations.

Martin M. Shenkman, Esq.

Martin M. Shenkman is an attorney in private practice in Ft. Lee, NJ, and New York City. His practice focuses on estate and tax planning, planning for closely held business, and estate administration. Mr. Shenkman is an author of more than 800 articles and over 40 books, including his most recent book on powers of attorney, co-authored with Jonathan Blattmachr. He is an editorial board member of Trusts & Estates Magazine and the Matrimonial Strategist, and the recipient of many awards including the prestigious Accredited Estate Planners (Distinguished) award from NAEPC and Financial Planning Magazine’s 2012 Pro-Bono Financial Planner of the Year for his efforts on behalf of those living with chronic illness and disability.

CLE Credits:

Event sponsors are not approved Continuing Education Sponsors. However, several states and regulatory agencies for a variety of professionals that participate on our teleconferences may still receive continuing education credit for their participation. If a participant wishes to receive CE credit for their participation in these teleconferences, they must apply to receive credit on their own and through their individual states and regulatory authorities. It is the responsibility of the participant to file for CE credit and is not guaranteed by InterActive Legal, Peak Trust Company, or Shenkman Law.

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