Trusts, Estates and Tax

Trusts

Delaware is widely regarded as one of the most advantageous jurisdictions in which to settle trusts.  Accordingly, attorneys, financial planners and wealthy families throughout the world regularly settle large trusts in Delaware.  The Trusts, Estates & Tax Group acts as Delaware trust law counsel to numerous federal and Delaware banks and trust companies.  The Group also regularly advises attorneys, wealth planners and individual clients throughout the world on issues pertaining to Delaware trust law, drafting trust agreements, and tax and asset protection planning.  The Group routinely petitions the Delaware Court of Chancery regarding Delaware trust matters.

Estate Planning

The Trusts, Estates & Tax Group advises wealthy individuals and families on all matters of estate, gift and generation skipping transfer tax issues and prepares estate plans utilizing complex gift and estate planning techniques.

Tax

The Trusts, Estates & Tax Group advises individuals and businesses concerning all aspects of federal and Delaware state income tax law as well as matters involving state and local franchise and gross receipts taxes.  Such matters include planning and transaction structuring as well as contest representation before the Internal Revenue Service, Delaware state and local taxing authorities and appropriate courts.  The Group also advises large corporate clients on the creation and operation of Delaware holding companies designed to minimize state income taxation incurred with respect to intangible assets such as trademarks, patents and investment property.  In addition, the Group represents tax-exempt organizations in connection with their formation, qualification for tax-exempt status and ongoing business operations.  The Group also counsels a wide variety of clients on employee benefits matters, including compliance with ERISA and other compensation planning and employment related matters. 

Representative Matters

• BNY Mellon Trust of Delaware
• Christiana Bank & Trust Company
• Commonwealth Trust Company
• J.P. Morgan Trust Company of Delaware
• Lehman Brothers Trust Company of Delaware
• Legacy Trust Company, N.A.
• NatCity Trust Company of Delaware
• Northern Trust Company of Delaware
• PNC Bank, Delaware
• The Rockefeller Trust Company
• Rodney Trust Company
• Tiedemann Trust Company

News

• Todd Flubacher Featured Author in Delaware Banker: Planning to Avoid Pitfalls – Asset Protection Trusts Thirteen Years After Enactment
  Todd Flubacher authored Planning to Avoid Pitfalls – Asset Protection Trusts Thirteen Years After Enactment featured in the Winter 2010 edition of Delaware Banker magazine.
• Thomas Pulsifer and Todd Flubacher Present at 2009 Delaware Trust Conference
  Thomas Pulsifer and Todd Flubacher were featured speakers on separate panels during the 2009 Delaware Trust Conference.
• 26 Morris Nichols Attorneys Named to The Best Lawyers in America 2010: Firm Earns Seven #1 Rankings in Delaware
  The Best Lawyers in America 2010 has ranked Morris Nichols #1 in Delaware in seven practice areas and has named 26 Morris Nichols attorneys to its The Best Lawyers in America 2010 list.
• Thomas Pulsifer Featured Author in June 2009 Estate Planning Magazine: The Delaware Personal Trust Advantage
  Thomas Pulsifer is a co-author of The Delaware Personal Trust Advantage is Useful in Many Scenarios featured in the June 2009 edition of Estate Planning magazine.
• Todd Flubacher, Kimberly Gill Speak at 2009 Delaware Tax Institute
  Todd Flubacher and Kimberly Gill were speakers at the 2009 Delaware Tax Institute.
• Thomas Pulsifer and Todd Flubacher Present at 2008 Delaware Trust Conference
  Partners in the Trusts, Estates and Tax group, were presenters at the 2008 Delaware Trust Conference.
• 22 Morris Nichols Attorneys Named to The Best Lawyers in America 2009: Firm Earns Seven #1 Rankings in Delaware
  The Best Lawyers in America 2009 has ranked Morris Nichols #1 in Delaware in seven practice areas.
• Lawdragon Names Three Morris Nichols Attorneys Among Top 500 Lawyers in America; Ten Selected as 2008 Finalists
  Morris Nichols partners Rick Alexander, Bill Lafferty and Ken Nachbar have been named to the Lawdragon 500 Leading Lawyers in America 2008 guide, an independent listing of the nation’s most elite attorneys.
• Chambers USA 2008 Names 18 Morris Nichols Attorneys and Five Practice Groups as Best in Delaware
  The 2008 edition of Chambers USA: America’s Leading Lawyers for Business today ranked five Morris Nichols’ practice groups and 18 attorneys as best in Delaware.
• Fifteen Morris Nichols Attorneys Named in the 2008 Delaware Super Lawyers Listing
  Fifteen Morris Nichols lawyers were selected as top Delaware attorneys by Super Lawyers Magazine and within this distinguished group, two were further recognized among the 10 best in the state.
• Morris Nichols Elects Todd A. Flubacher To Partnership
  Morris, Nichols, Arsht & Tunnell LLP is pleased to announce that Todd A. Flubacher has been elected to the partnership effective January 1, 2008.
• Eighteen Morris Nichols Attorneys Recognized In Best Lawyers In America 2008
  According to Best Lawyers, Morris Nichols had the highest number of attorneys named in Delaware in the practice areas of commercial litigation (5) and corporate law (10).

Publications

• Todd A. Flubacher, Thomas R. Pulsifer, Dynasty Trusts Thompson/RIA, 2007
• Speakers: Thomas R. Pulsifer and Todd A. Flubacher, The Pursuit of Innovative Trust Strategies in an Uncertain Estate Planning Environment A Christiana Bank & Trust Roundtable Moderated by Worth Magazine (Summer 2007).
• Thomas R. Pulsifer, Income Tax Consequences of Trust Situs Selection Presented at The American College of Trusts & Estates Counsel Fall Meeting, 2006 , Providence, RI (October 14, 2006)
• Todd A. Flubacher, Thomas R. Pulsifer, Eliminate A Trust's State Income Tax Trusts & Estates, May 2006
• Thomas R. Pulsifer, Recent Developments In The Federal Estate, Gift and Generation-Skipping Transfer Tax Areas (Case Law Developments) Presented at The 38th Annual Delaware Tax Institute, Newark, DE (November 30, 2005)
• Thomas R. Pulsifer, Recent Developments In Delaware Trust Law Presented at J.P. Morgan Trust Company of Delaware Seminar, New York, NY (Nov. 16, 2005)
• Thomas R. Pulsifer, Delaware Asset Protection Trusts Presented at Estate Planning Council of Delaware Seminar, Wilmington, DE (Nov. 15, 2005)
• Delaware State and Local Tax (SALT) Developments Committee on State Taxation (COST), Semi-Annual, www.statetax.org
• Todd A. Flubacher, Thomas R. Pulsifer, Minimizing Income Taxation of Trust Income: The Delaware Advantage 108 Probate and Trust Law Section Newsletter 8 (Philadelphia Bar Association Probate and Trust Law Section, Winter 2003-04)