![]() ![]() The trust, which has been the subject of various court orders and stipulations for more than 30 years, was valued at $40 million when duPont died in 1935, but grew to $4.6 billion in 2009. While initially expressing concerns about certain terms of the proposed trust split, they are now alleging underlying mismanagement of the trust itself. duPont's extraordinary gift," Durden said in his statement.ĭelaware officials were granted permission to intervene in the case earlier this year in order to protect the state's interests. ![]() only serve to delay the filing by the duPont trustees to split the trust in two - a move that would achieve significant tax savings which will permit even more children to receive the benefits of Alfred I. for charitable purposes, the trustees say.īiden's accusations ". Such a split would allow the trust to avoid about $3 million a year in foreign income taxes that could be spent in the U.S. The trustees want to split the current trust, with one side being used for the beneficiaries of duPont's will, who receive an aggregate of about $57,000 annually, and the other side continuing to finance the Nemours Foundation. Under the current framework, the non-charitable annuity payments to beneficiaries of duPont's will prevent the trust from qualifying for tax-exempt status for overseas investments. Monday's court filing came in a case in which the trustees are seeking to modify the trust for tax purposes. before moving to Florida, directed that the Nemours Foundation be a charitable organization for the care of "crippled children, but not of incurables, or the care of old men or old women, and particularly old couples, first consideration, in each instance, being given to beneficiaries who are residents of Delaware." They also claim that more than $102 million for "corporate and shared services" was attributed to Delaware's share of annual trust distributions from 2005 to 2010, compared to only $19 million attributed to the Florida for the same period, and none to Pennsylvania or New Jersey.Īlfred duPont, a vice president for the DuPont Co. It also operates the Nemours Mansion and Gardens in Wilmington.ĭelaware officials claim that the trustees have altered the governance structure of the Nemours Foundation in a way that dilutes Delaware's influence and have shorted Delaware in distributions of trust proceeds.Īmong the specific allegations, Delaware officials claim that $72 million used to renovate the Nemours Mansion and Gardens was improperly counted against Delaware's share of Nemours Foundation distributions, rather than taken off the top before distributions were made. duPont Hospital for Children in Wilmington and other health care facilities in Delaware, Florida, New Jersey and Pennsylvania. ![]() In addition to providing annuity payments to beneficiaries of duPont's will, the trust finances the work of the Nemours Foundation, which runs the Alfred I. duPont trust have shifted the primary focus of the trust from Delaware to Florida, despite duPont's insistence that Delaware was to be the primary beneficiary of his trust. In court papers filed in Florida, Delaware officials allege that trustees of the Alfred I. duPont have deviated significantly from duPont's intentions, to the detriment of Delawareans, Attorney General Beau Biden said Monday. (AP) - The overseers of a $4 billion charitable trust established by the late Alfred I. ![]()
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