Note From the Editor: August 2019

The big news this month for estate planners was the U.S. Supreme Court’s decision in North Carolina Department of Revenue v. Kaestner. The Court ruled that North Carolina can’t tax trust income based solely on the presence of in-state beneficiaries, when the beneficiaries had no right to demand the income and weren’t certain to receive it. Two of our articles this month cover this ruling. You can read a brief synopsis of the Court’s decision in our “Tax Law Update,” p. 8, by David A. Handler and Alison E. Lothes. And, if you’re interested in a more in-depth analysis, take a look at “U.S. Supreme Court Decides Kaestner But Teaches Little,” p. 18, by Turney P. Berry and Charles A. Redd. They make the case that the Court’s ruling was narrow and limited and that there are unanswered questions about how the ruling will apply to cases with different facts. So, we’ll all have to stay tuned on this issue.

We’ve also introduced a new feature this month: a special section that provides an update on legislation and court cases relating to the trust law of four favorable trust jurisdictions: Delaware, Nevada, New Hampshire and North Dakota. We’ll be doing a follow-up webinar on this topic, which will include a panel discussion, on Oct. 30. Look out for registration information.   

We also have a few professionals who’ve recently joined our editorial advisory board. Donald Kent, a principal at Bernstein Private Wealth Management in New York City, has joined the Philanthropy Committee, and Thomas A. Norelli, an associate in the New York office of Kirkland & Ellis LLP, has joined the New Practitioners Committee. We welcome them both to our T&E family.