Capital Perspectives July–August 2019

Tony Roth |
Investment Management

In the July–August issue of our monthly flagship publication, we feature:On the Record by Chief Investment Officer Tony Roth, where he explains why—despite the fact that a U.S.–China trade truce, impending Fed rate cuts, and all-time S&P 500 highs are quite encouraging for the economy and markets—we are more cautious on these drivers heading into the second half of the year.


Business Owners Outlook 2Q2019

My Business
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Our Business Owners Outlook is a quarterly survey that explores business owners’ concerns and outlooks on themes that are most important to them.  This first in the series, “Risky Business,” reveals some eye-opening disconnects in the respondents’ thinking.Business owners strongly support the Trump administration’s policies, yet they also worry about U.


Opportunities for Saving State Income Taxes on Trusts Expanded with Kaestner Trust Decision

Richard W. Nenno |
Wealth Planning
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U.S. Supreme Court holds presence of resident discretionary beneficiaries does not justify North Carolina income taxation of nonresident trustee in Kaestner Trust. When determining whether a trustee of a nongrantor trust must pay a particular state’s income tax on retained ordinary income and capital gains, practitioners should resist the impulse to consult the governing-law clause in the Will or trust instrument.