Planning for state income taxation of trusts is a critical aspect of the estate-planning process. If done well, it can produce substantial benefits; if done poorly, it can produce substantial cost. Mr. Nenno will:
- Survey how all 50 states and the District of Columbia tax trust income
- Summarize the constitutional limitations on such taxation following the U.S. Supreme Court’s Kaestner decision
- Describe the rules in Pennsylvania, New Jersey, Delaware, and other key states
- Consider planning for new and existing trusts
- Address several related issues.
Richard W. Nenno, Esquire, is a Senior Trust Counsel and Managing Director in the Wealth Management Division of Wilmington Trust Company, Wilmington, Delaware. Dick has over 40 years of estate planning experience and is admitted to the practice of law in Delaware and Pennsylvania. He is a Fiduciary Fellow of the American College of Trust and Estate Counsel (ACTEC), a member of the Advisory Committee of the Heckerling Institute on Estate Planning, a Fellow of the American Bar Foundation, a member of the Bloomberg BNA Estates, Gifts, and Trusts Advisory Board, and a Distinguished Accredited Estate Planner. Prior to joining Wilmington Trust Company in 1982, he was an associate in the Estates Department of the Philadelphia law firm of Ballard, Spahr, Andrews and Ingersoll.
Dick is a cum laude graduate of Princeton University with an A.B. degree from the Woodrow Wilson School of Public and International Aﬀairs. He earned his J.D. degree from Harvard Law School.
Dick is recognized as a national speaker and published authority on estate-planning issues. He has presented at the Heckerling Institute on Estate Planning, ACTEC national meetings, the Hawaii Tax Institute, the Notre Dame Tax and Estate Planning Institute, the AICPA Advanced Estate Planning Conference, and the NYU Institute on Federal Taxation. He is a member of the American Bar Association, Section of Real Property, Trust & Estate Law (former member of Council) and Section of Taxation; Delaware State Bar Association (former chair: Estates and Trusts Section); Estate Planning Council of Delaware, Inc. (former president); Philadelphia Bar Association
One Education Credit for CLE (PA Only), Insurance (PA Only), CFP, CPA (PA Only), PACE and CTFA will be offered.
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