Private Wealth Magazine recently showcased a piece in their June issue entitled “The South Dakota Story” which offers a compelling look at how the state’s trust industry has evolved to meet the demands inherent with the massive transfer, preservation, and protection of wealth over generations through the creation of some of the most progressive trust laws in the nation.
David Warren, President and CEO of Bridgeford Trust, was featured in the piece and explains how Bridgeford Trust represents a new and emerging wealth management service paradigm through combining South Dakota’s modern trust laws and status as a no income tax state with “advisor friendly” planning solutions. These laws and solutions allow settlors of trusts and beneficiaries to work with advisors of their choosing through unbundling functions bundled together by traditional trust company models, delivering far more control to settlors, beneficiaries, and their advisors than ever before. Click here to view David’s commentary.
“The South Dakota Story” nicely outlines many of the clear advantages of South Dakota law, while explaining the origins of South Dakota’s ascension to the top United States Trust Jurisidiction, which began in 1983 when South Dakota became the first state in the nation to repeal the Rule Against Perpetuities, creating the Dynasty Trust. The article also discusses other aspects of South Dakota’s progressive trust law, including the state’s powerful privacy provisions, the most robust in the country, and the newly created Community Property Special Spousal Trust, a very compelling tax planning tool unavailable in most other states that just became effective July 1st of this year.
Click here to view a well-researched chart, produced by Bridgeford Trust, comparing the leading U.S. trust jurisdictions, with a particular emphasis on areas that clearly distinguish South Dakota as the superior trust jurisdiction in the overall analysis.
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