Scott Swenson Quoted in Delaware’s The News Journal

Scott Swenson of Connolly Gallagher LLP, was quoted in The News Journal article dated October 5, 2017.  The article titled “Delaware provides tax shelter for multi-million-dollar masterpieces” highlights the recent influx of maximum-security art storage companies here in Delaware.

As the art owners know, the First State is only one of five states across the country that do not have a sales tax.  Also, a trust is a legal entity that can hold assets, such as cash or property, and “lend” it to heirs tax-free. Trusts can last forever in Delaware, unlike in most states.  “Artwork is something of a natural fit for a dynasty trust,” said Scott Swenson, a partner at Connolly Gallagher who heads the Delaware Bar Association’s estates and trusts section. “It means your family can retain it in perpetuity as long as it is legally owned by the trust.”

Swenson represents a variety of institutional and individual clients, as fiduciaries and as beneficiaries, in trust and estate matters before the Court of Chancery and the Supreme Court of Delaware.  He focuses his practice on estate planning and settlement, estate and trust litigation, and advising trustees and other fiduciaries on matters including trust administration, trust modification and risk management.