South Dakota Matters
Why South Dakota Matters.
Why South Dakota Matters
In South Dakota, doing things right is a way of life. South Dakota enjoys one of the lowest unemployment rates in the US, consistently runs on balanced budgets, has long been considered a Top State for Banks and is the only State to have a fully funded pension for its employees. The approach to the trust industry is no different.
Over twenty years ago, the Governor of the State gathered a group of whip smart, collegial professionals – both lawyers and non-lawyers – to consider, debate, draft and propose legislation to the South Dakota Legislature. The Governor dubbed this band the ‘Trust Task Force’ and gave them a simple goal – create the best.
Since that time, the State of South Dakota has become known both nationally and internationally as a leading situs to domicile trusts. This acclaim is due in large part to the alignment created between the executive, legislative and judiciary branches working with the industry to pursue excellence.
Today, South Dakota’s industry leading, trust and privacy laws combined with no state Income tax on the assets held in a trust – set South Dakota apart from other trust domiciles. A trust industry built on this strong foundation nurtures an environment where perpetual trusts, asset protection (or credit shelter) trusts, generation skipping tax trusts, spendthrift trusts and all types of personal trusts can flourish. When all this is considered, it’s easy to see why families throughout the world have come to rely on South Dakota trusts
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- Understanding the provisions of your trust
- What the grantor of the trust intended to provide and on what basis
- Who can hire and fire the trustee of your trust
- Why distributions may differ between the beneficiaries of the trust
- Who can serve as trustee of your trust
- What are the costs typically associated with administration of a trust
- Types of trusts and the different roles of stakeholders
- Insights on best practices from a professional trust administrator
- Additional provisions that you might consider including in a trust.
- Where to domicile your trust and why it can save you money