National Expert on Dynasty Trusts to Speak in Southern California; Wilmington Trust's Richard W. Nenno Speaks Sept. 6 at Tax Forum in San Diego.Business Editors SANTA MONICA Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Calif.--(BUSINESS WIRE)--Sept. 4, 2001 Richard W. Nenno, vice president and trust counsel for Wilmington Trust Wilmington Trust (NYSE: WL) was founded on July 8, 1903) as a banking, trust, and safe deposit company by DuPont president T. Coleman du Pont. He opened the business in the dining room and parlor of a former private residence at 915 Market Street in Wilmington, Delaware with a in Wilmington, Delaware Wilmington is the largest city in the state of Delaware and is located at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. , will be a featured speaker at the Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, Tax & Estate Planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the Forum in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. on Thursday, Sept. 6, 2001. Nenno will speak about Delaware dynasty trusts, which offer unique opportunities for nonresidents of the state of Delaware to offset the compounding impact of estate taxes over multiple generations. These trusts can also be established with safeguard measures that protect the trust's assets in a divorce or from an heir's creditors. "Assets placed in properly designed trusts can continue for generations without being subject to inheritance tax inheritance tax, assessment made on the portion of an estate received by an individual; it differs from an estate tax, which is a tax levied on an entire estate before it is distributed to individuals. , estate tax, or generation-skipping transfer tax Example: Property is placed in a trust for the donor's child and grandchildren. The income may be "sprinkled" among the child and grandchildren in accordance with their needs and the principal of the trust will be distributed outright to the grandchildren following the child's death. ," Nenno said. "Most states limit the duration of a trust to anywhere from 80 to 110 years. With the exception of real estate parcels, Delaware allows trusts to continue forever." Nenno is a nationally known and widely published authority on estate planning, trusts, and the advantages of Delaware law. He has led the development of many of the most significant trust laws enacted in the state. With Wilmington Trust since 1982, he currently manages the estate planning section of Wilmington Trust's private client advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal department. Nenno's visit coincides with the recent openings of two Wilmington Trust offices in Southern California: in Santa Monica and, most recently, in Costa Mesa. For more than 50 years, Wilmington Trust has served high-net-worth families in Southern California, where some of the company's largest clients -- and some of the wealthiest individuals in the U.S. -- reside. Now, because of the growing demand for Wilmington Trust's services, the company is building a physical presence in Southern California. "Wilmington Trust has a long, successful history of guiding families through the growth and protection of newly acquired wealth," observed Alan Bonde, president of Wilmington Trust in California. "Wilmington Trust was founded in 1903 by members of the du Pont family The Du Pont family is an American family descended from Pierre Samuel du Pont de Nemours (1739-1817). The son of a Paris watchmaker and a member of a Burgundian noble family, he and his sons, Victor Marie du Pont and Eleuthère Irénée du Pont, emigrated to the United States in 1800 to manage their assets at a time when their wealth was still as new as many of the fortunes in Southern California are today. "While Delaware-based trusts may be more familiar to East Coast families, the expertise we've honed throughout most of the last 100 years is particularly well-suited for our wealthy families here in California." A dynasty trust is often referred to as a "sprinkle trust" -- that is, the trust's assets can be distributed or "sprinkled" to a number of beneficiaries, including children and grandchildren. Assets retained in the trust benefit future generations without being subject to future federal estate or gift taxes. Dynasty trusts established in Delaware hold several advantages for wealthy families residing in most other states: They are free of transfer taxes, capital gains taxes, and accumulated income taxes. They are governed by the "Prudent Investor Rule," which allows the trustee flexibility to choose among many types of investments for the trust. To further this flexibility, the trust beneficiary may also retain his or her existing money manager for all or a portion of the trust's assets. Dynasty trusts can also include spendthrift clauses that provide virtually unlimited protection from creditors' claims. And especially significant to some California families, Delaware trust laws are administered through the state's Chancery Court, the only one of its kind in the U.S. In Chancery Court, judicial accountings are waived, and if a court proceeding is needed for any reason, the court may, upon request, agree to seal the record so that neither the trust nor the court proceeding becomes public. About Richard W. Nenno, Esquire Richard W. Nenno is a vice president and trust counsel in the private client advisory services department of Wilmington Trust Co., Wilmington, Delaware, and serves as manager of the estate planning section. He is responsible for developing and maintaining estate plans for wealthy individuals and families throughout the U.S. and abroad. Nenno is a cum laude graduate of Princeton University with a bachelor's degree from Woodrow Wilson School of Public and International Affairs The Woodrow Wilson School of Public and International Affairs (often truncated to Woodrow Wilson School or abbreviated WWS; known as "Woody Woo" in campus slang) is a professional public policy school at Princeton University. The school has granted undergraduate A.B. , and earned his Juris Doctorate from Harvard Law School Harvard Law School (colloquially, Harvard Law or HLS) is one of the professional graduate schools of Harvard University. Located in Cambridge, Massachusetts, Harvard Law is considered one of the most prestigious law schools in the United States. . He has more than 24 years of estate planning experience and is admitted to the practice of law in Delaware and Pennsylvania. Nenno is a past chairman of the Estates and Trusts Section of the Delaware State Bar Association and a past president of the Estate Planning Council of Delaware. He has played a key role in bringing valuable estate planning tools to Delaware, collaborating with the financial and legal communities to enact both the Delaware dynasty trust and asset protection trust laws. Most recently, Nenno served on a team that worked for two years to enact total return trust legislation in Delaware -- the first state to enact such legislation. A recognized authority on estate planning issues, Nenno is a frequent keynote speaker at estate planning conferences worldwide. He is also the author of several notable publications on estate planning, trust, and Delaware law. About Wilmington Trust Wilmington Trust Co., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Wilmington Trust Corp. (NYSE NYSE See: New York Stock Exchange :WL), was founded in 1903 and is the 13th largest personal trust provider in the United States. Wilmington Trust provides wealth management, specialty corporate trust, and commercial banking services to customers throughout the United States and in more than 50 other countries online and from offices in California, Delaware, Florida, Maryland, Nevada, New Jersey, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Pennsylvania, London, the Cayman Islands, and the Channel Islands. For more information about Wilmington Trust, visit www.wilmingtontrust.com. Note to Editors: For interviews with Mr. Nenno during his stay in California, contact Chris Weakley at The Shand Group: 310/587-3399. |
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