Category Archives: Residency

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Nothing to See Here? – Kaestner Trust Decision Leaves Many Unanswered Questions

The U.S. Supreme Court recently issued its decision in North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Trust.  The Court unanimously determined that the residency of in-state beneficiaries alone is an insufficient basis for a State’s taxation of trust income where (1) the beneficiary did not receive distributions of trust income, (2) the … Continue Reading