McGuire Woods: Connecticut Adopts Self-Settled Asset Protection Trust Legislation

McGuire Woods reports that Connecticut has adopted self settled asset protection trust legislation. Their article begins as follows: On June 24, 2019, Connecticut enacted HB 7104, adopting the Uniform Trust Act. One important provision of the act was the “Connecticut Qualified Dispositions in Trust Act,” permitting the establishment of self-settled domestic asset protection trusts (DAPTs), … Continue reading McGuire Woods: Connecticut Adopts Self-Settled Asset Protection Trust Legislation

Kaestner Commentary: Scharf, Opinion analysis: Presence of in-state beneficiaries alone insufficient for state to assert jurisdiction to tax trust income (SCOTUS Blog, June 22, 2019).

Erin Scharff, Professor, Arizona State University, Sandra Day O'Connor College of Law, has published her commentary on the Kaestner case on the SCOTUS Blog. In a key part of Professor Scharff's commentary, she notes the following: In addressing the state’s concerns about existing tax regimes and tax avoidance, the court repeatedly emphasizes the narrowness of … Continue reading Kaestner Commentary: Scharf, Opinion analysis: Presence of in-state beneficiaries alone insufficient for state to assert jurisdiction to tax trust income (SCOTUS Blog, June 22, 2019).

Kaestner Commentary: Hemel, A Constitutional Right to Skirt State Income Tax? (Medium June 22, 2019)

Daniel Hemel has published his article, on Medium, Hemel, A Constitutional Right to Skirt State Income Tax?, addressing the Kaestner case. The conclusion of the article is as follows: In sum, Kaestner is a disappointing decision that will cost North Carolina many millions of dollars and — when all is said and done — will likely cost … Continue reading Kaestner Commentary: Hemel, A Constitutional Right to Skirt State Income Tax? (Medium June 22, 2019)

Spivack: Due Process, State Taxation of Trusts and the Myth of the Powerless Beneficary: A Response to Bridget Crawford and Michelle Simon

Carla Spivack has made available for download her article, Due Process, State Taxation of Trusts and the Myth of the Powerless Beneficiary: A Response to Bridget Crawford and Michelle Simon, related to the Kaestner case. The Abstract is as follows: This piece takes issue with Bridget Crawford and Michelle Simon’s argument in their article about … Continue reading Spivack: Due Process, State Taxation of Trusts and the Myth of the Powerless Beneficary: A Response to Bridget Crawford and Michelle Simon

Choi, The Substantive Canons of Tax Law

Jonathan H. Choic, NYU School of Law, has published his article, The Substantive Canons of Tax Law, to be published in the Stanford Law Review. The Abstract is as follows: Anti-abuse doctrines in tax law have traditionally been formulated as multi-factor tests that weigh the facts of the taxpayer’s case but ignore the tax statute … Continue reading Choi, The Substantive Canons of Tax Law

Akers + Aucutt: Kaestner Trust — Supreme Court Guidance for State Trust Income Taxation

Steve R. Akers and Ronald D. Aucutt, senior fiduciary counsel for Bessemer Trust have published their thoughts on the Kaestner Trust decision. The summary of their publication is as follows: North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust, 588 U.S. __ (June 21, 2019) is the U.S. Supreme Court’s first opinion … Continue reading Akers + Aucutt: Kaestner Trust — Supreme Court Guidance for State Trust Income Taxation

Joint Committee on Taxation: Background on the Itemized Deduction for State and Local Taxes

The Joint Committee on Taxation has released a detailed publication regarding limits on state and local taxes. The introduction to this publication is as follows: The Subcommittee on Select Revenue Measures of the House Committee on Ways and Means has scheduled a hearing on June 25, 2019, regarding limitations to the itemized deduction for State … Continue reading Joint Committee on Taxation: Background on the Itemized Deduction for State and Local Taxes