Trust Planning and the Washington State Capital Gains Tax (original) (raw)
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2022
The Trust in the present case was created by Mr. Joseph Lee Rice III., a successful businessman, who co-founded the private equity investment firm Clayton, Dubilier & Rice. In 1992 he established an inter vivos trust with William B. Matteson as trustee. The situs of the original trust was New York. The primary beneficiaries of the original trust were the settlor's descendants. At the time of the trust's creation none of the beneficiaries lived in North Carolina. In 2002, the original trust was divided into three separate trusts, with William Matteson remaining as trustee of the resulting trusts. At the time of the division into the resulting trusts in 2002, Kimberley Rice Kaestner, the beneficiary of the case at hand (the Kimberley Rice Kaestner 1992 Family Trust), was a resident of North Carolina, who was domiciled there as well. In December of 2005, William B. Matteson resigned as trustee for the three resulting trusts. The settlor, Mr. Rice, then appointed a successor trustee, who resided in Connecticut. The successor trustee filed tax returns in North Carolina on behalf of the Kimberley Rice Kaestner. This paper is about the ensuing litigation and the potential rectifications of North Carolina's tax laws at issue.
Boston College Law Review, 2016
INTRODUCTIONAlthough this author personally favors replacing the federal wealth transfer (gift/estate/generation-skipping) taxes with an accessions tax,1 Congress has been reluctant to abandon existing tax systems.2 Accordingly, a more realistic tack is to address reform of current law. The tax aim of a wealth transfer tax is to raise some revenue with reasonable efficiency and minimal economic distortion. The non-tax aim is to curb undue accumulations of unearned, gratuitously received wealth by individuals. Since about 1980, the wealth transfer taxes have not done a very good job in terms of their aims. The post-1980 period has seen an increase in wealth inequalities among classes, especially at the very top,3 that has coincided with a drastic weakening of the wealth transfer taxes-both by legislation4 and the failure to address loopholes that are exploited by transactions that make little or no sense apart from tax avoidance.5 That the wealth transfer tax is barely alive politica...
Private Trusts: A Comprehensive Exploration of Structure, Applications, and Benefits
Private Trusts: A Comprehensive Exploration of Structure, Applications, and Benefits, 2023
Abstract This paper offers a thorough exploration of private trusts, their structure, uses, and advantages. Private trusts play a crucial role in modern financial and estate planning, providing benefits like estate planning, asset protection, and tax efficiency. The various types of private trusts are discussed, and their evolution in Nigeria, reflecting both English law and customary practices, is highlighted. The Land Use Act of 1978's impact on private trusts is assessed, emphasizing differences from English trust law. Private trust services in Nigeria and their tasks are outlined, followed by practical applications in estate planning, asset protection, special needs support, charitable giving, and business succession. The manifold benefits of private trusts, such as privacy, tax efficiency, and control, are examined, along with potential criticisms like inadequate regulation and complexity. The paper concludes by stressing private trusts' intricate significance in financial and estate planning. Recommendations for effective use are provided, including collaboration with experts, clear objective setting, regular reviews, beneficiary education, and addressing regulatory gaps. Societal recommendations cover comprehensive regulation, preserving customary practices, enhancing tax compliance, simplifying education, promoting societal impact, and fostering research and dialogue. Through these measures, private trusts can be effectively harnessed for securing legacies, protecting assets, and advancing philanthropic endeavors, benefiting both individuals and society at large.
ESTATE PLANNING IN NORTH DAKOTA: THE BASICS Part 4: Trusts
NDSu Extension Circular, 2000
Trusts are flexible and useful tools in estate planning and can be designed in a variety of ways. They can help families meet a variety of estate planning objectives, such as avoiding probate or reducing probate costs, providing property management for a surviving spouse or children, giving children their inheritance over a period of time, providing for incapacity (self or others), reducing death or income taxes, naming a guardian for minor children, or contributing to a charity.