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Managing state income tax liability is a critical aspect of planning and administering a trust. If done properly, the planner may provide substantial benefits to the beneficiaries. If done poorly, the trust may be subjected to significant cost.
As tax filing season grinds on, this practical webinar from Bloomberg BNA presented by Christine L. Albright, Richard W. Nenno, and Laura H. Peebles, will offer planners and return preparers timely guidance on this little understood area of tax law.
During this webinar, Albright, Nenno, and Peebles will cover:
•A general overview of how all 50 states and the District of Columbia tax trust income
•How substantial the potential tax savings are vHow reducing state income taxes can offset the recent increase in federal taxes on trusts
•When the imposition of a particular state’s tax is—and is not-- constitutional
•Relevant U.S. Supreme Court and state authorities, including 2013 taxpayer-friendly court decisions in Illinois, New Jersey, and Pennsylvania
•How specific states, including California, Illinois, and New York, tax trust income
•How inadequate planning might subject attorneys and trustees to liability
•The status of the Delaware Incomplete Nongrantor Trust (DING Trust)
•Determine how states and the District of Columbia tax trust income
•Identify relevant constitutional issues
•Navigate pertinent federal and state case law
•Implement planning mechanisms for new and existing trusts
Richard Nenno is a Managing Director and Trust Counsel at Wilmington Trust Company, Wilmington Delaware. He is admitted to the bars of Delaware and Pennsylvania, is a cum laude graduate of Princeton University, and received his J.D. degree from Harvard Law School.
Dick is recognized as a national speaker and published authority on estate planning issues. He has spoken at the University of Miami Institute on Estate Planning, the ALI-ABA Planning Techniques for Large Estates Conference, the Notre Dame Tax and Estate Planning Institute, and many other programs. He is a member of the Delaware State Bar Association (Past Chair: Estates and Trusts Section) and the American Bar Association, Section of Real Property, Trust & Estate Law (Member of Council) and Section of Taxation.
He is the author or co-author of numerous publications, including Delaware Trusts 2012, Asset Protection: Domestic & Int’l Law & Tactics Chap. 14A (2012) and Tax Management Portfolios on Choosing a Domestic Jurisdiction for a Long-Term Trust, Domestic Asset Protection Trusts, and State Income Taxation of Trusts.
Laura Peebles is a Tax Director with the Washington National Office of Deloitte Tax LLP. Ms. Peebles has 26 years experience with Deloitte in the National Office and New Orleans, following 10 years with local CPA firms. She has extensive experience serving the charitable, financial, tax, and estate planning needs of high net worth individuals. Ms. Peebles headed the estate, individual, and charitable planning tax practices in the New Orleans office through 1997, and is now serving the firm’s offices and clients worldwide through the National Tax Office in Washington, D.C.
Principal areas of Expertise include estate, gift and trust taxation and planning; and charitable planning and other individual tax issues. She speaks and writes frequently on these issues. In addition to the BNA Portfolio on Estate Tax Returns she coauthored with Craig Janes, Laura also wrote the BNA portfolio on Estate Tax Credits and Computations.
Ms. Peebles is a CPA and a Personal Financial Specialist. Her BS in Accounting (summa cum laude) is from the University of New Orleans.
Christine L. Albright is a partner in the Chicago office of Holland & Knight, where she concentrates on counseling high-net-worth individuals and family groups in all facets of sophisticated wealth and estate planning and protection, estate, gift and generation-skipping transfer taxation, income taxation of estates and trusts, and succession planning for closely held and family businesses. She also represents fiduciaries and beneficiaries of trusts and estates regarding all aspects of trust and estate administration, the review and preparation of estate and generation-skipping transfer tax returns, the analysis of fiduciary income tax matters, and trust construction and reformation suits and other contested trust and estate matters.
Ms. Albright is past chair of the American Bar Association's Real Property, Probate and Trust Law Section, a former American College of Trust and Estate Counsel regent and past chair of the Trust Law Committee of The Chicago Bar Association.
Ms. Albright frequently speaks on wealth and estate planning and trust and estate administration issues for various professional groups, such as bar associations, ALI-ABA, the American College of Trust and Estate Counsel, and the Heckerling Institute on Estate Planning.
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