On Friday, May 13, 2022, Bridgeford Trust Company will be in Florida as a sponsor for STEP Miami’s 11th Annual Summit! The Summit, taking place at the Four Seasons Hotel Miami, is an excellent opportunity to learn about the newest changes, updates, and trends in the market for international private client planning. If you are planning to attend, be sure to read on to learn more about where we’ll be, including a dinner invitation for the evening before the Summit.

The financial services industry has seen a tremendous influx of international families coming to the United States for many reasons, and to South Dakota in particular because of the power and sophistication of its trust laws. South Dakota’s progressive and industry leading trust laws allow families to avail themselves of very strong privacy trust laws and asset protection provisions, and to take advantage of South Dakota’s status as a no state income tax state.

David Warren (Co-Founder and Chairman of Bridgeford Trust Company) and Helmer Arizmendy (President of Bridgeford International) will be attending the Summit and if you are going to be there as well, we encourage you to visit Bridgeford’s table and talk with us about how we may be able to collaborate to best serve the international community!

Bridgeford Dinner at STEP Miami – May 12 at 7pm

We’d like to invite you to a dinner we are hosting prior to the Summit on Thursday, May 12, 2022. If you are available, please join us at 7:00pm at the EAST Miami’s Quinto La Huella restaurant. We just ask that you RSVP in advance by clicking here.

To learn more about STEP Miami’s Summit, visit their website. We hope to see you there!

Bridgeford Trust Company is looking forward to being in California to sponsor and speak at two upcoming conferences, STEP LA’s International Tax & Estate Planning Forum and Market Groups Private Wealth Forum.

In addition to both events, we are also looking forward to hosting a dinner in Laguna Beach (see below for more details and to RSVP) and meeting with our friends and colleagues on the West Coast! Read on for more details about our activity in California, and don’t hesitate to reach out if you’d like to schedule a time to meet at either conference or in between as well!

STEP LA’s International Tax & Estate Planning Forum: May 5-6, 2022

Bridgeford Trust Company is excited to once again be sponsoring the 14th Annual STEP International Tax & Estate Planning Forum, presented by STEP Los Angeles. Taking place on Thursday, May 5 and Friday, May 6 in Laguna Beach, CA, this much anticipated event presents the latest issues for international private client planning.

David Warren (Co-Founder and Chairman of Bridgeford Trust Company), Helmer Arizmendy (President of Bridgeford International), and Doug Mikkonen (Senior Vice President and Chief Compliance Officer with Bridgeford Trust Company) will be attending the forum. They will be discussing why international families from around the world are seeking U.S. trust solutions, and looking specifically to South Dakota because of its leading and progressive modern trust laws. Our team can answer any questions you have about asset protection, privacy, foreign grantor trusts, the common reporting standard, and more.

If you are going to be attending this forum, we encourage you to visit our booth and talk with us about how we may be able to collaborate to best serve the international community.

Bridgeford Dinner at STEP LA: We’d also like to invite you to a dinner we are hosting after the first day’s sessions on May 5, 2022. If you are available, please join us at 7:30pm at the Surf & Sand Resort’s Splashes Restaurant. We just ask that you RSVP in advance by clicking here.

Private Wealth Southern California Forum: May 11, 2022

Bridgeford Trust Company is proud to be a sponsor and speaker at the upcoming Private Wealth Southern California Forum taking place on Wednesday, May 11 in Los Angeles, CA. This 6th annual forum is the leading forum for family offices, wealth managers, private banks, and asset managers in the region. This year’s content features asset allocation and protection, equity markets, fixed income, alternative investments, and an outlook of the financial markets and the global economy.

David Warren, Helmer Arizmendy, and Doug Mikkonen will also be attending this event. David and Helmer will be hosting a roundtable discussion at 12:25pm that will discuss the power of U.S. modern trust law for global families. Then in the afternoon at 3:35pm, David will participate in a panel discussion on “The Future of Wealth Management.” This panel will discuss the challenges ahead for advisors and family offices aiming to ensure wealth preservation during generational shifts; what the current trends are, and what services and products are attracting the most interest; and how ESG has worked out in long-term estate and trust planning.

Questions? Meet with our team!

If you have any questions about these events and our activity while we’re in California, or to schedule a time to meet with our team outside of these conferences, please reach out to Melissa Roberson, Global Marketing and Digital Media Director, at mroberson@bridgefordtrust.com and we’ll be happy to assist!

Bridgeford International is looking forward to participating in a timely presentation that will take place in both Cartagena and Barranquilla, Colombia. Accountability Global Wealth Management is hosting these presentations entitled “How To Protect Your Wealth in Times of Uncertainty” and taking place at the Hotel Intercontinental Cartagena on April 26, 2022 and the Hotel Estelar Prado alto in Barranquilla on April 28, 2022.

During the presentations, the panel of experts will offer insights into why you should protect your wealth, the diversification of assets as an asset protection mechanism, and focus on wealth protection both locally and internationally.

Both sessions will be moderated by Mauricio Marín Elizalde, Director of Legal at Accountability Global Wealth Management and features panelists including Helmer Arizmendy, President of Bridgeford International; Sergio Moises, CFO of Participant Capital; Francisco Vélez, Vice President of Amphora Financial Group; Pablo Parra, Senior Relationship Partner at AIS Financial Group; and Elden Edward, Business Development Manager at Boslil Bank.

These presentations are particularly exciting as Bridgeford International – a fully licensed insurance agency that is the international planning arm of the Bridgeford family of companies – continues to grow and promote the power of U.S. modern trust law and sophisticated insurance planning solutions for families, both domestically and internationally.

If you have any questions regarding these upcoming presentations, or Bridgeford International and the solutions it provides for families across the country and around the world, don’t hesitate to reach out to us via our contact form or directly to Helmer Arizmendy, President of Bridgeford International, at harizmendy@bridgefordadvisors.com or by calling (305) 347-5129.

Bridgeford Trust Company is participating in an upcoming webinar – Private Placement Life Insurance: Avoiding Income and Transfer Tax for High-Net-Worth Taxpayers – scheduled for Thursday, May 12, 2022, from 1:00pm-2:50pm EDT. If you are a tax advisor working with wealthy clients in high income tax brackets, and particularly those in high taxed states, be sure to join us to understand Private Placement Life Insurance (PPLI) and how to take advantage of this powerful tax planning tool.

PPLI allows high-net-worth individuals and family offices to purchase alternative investments that grow tax-free in insurance dedicated funds (IDFs) and can be distributed tax-free upon the death of the insured. Since earnings on comparable investments held personally would be subject to federal tax at ordinary or capital gains rates and state income tax, individuals residing in states like New York and California can reap tax savings of nearly 50 percent. Along with tax savings, owners can access the funds tax-free by withdrawing original contributions or borrowing from the policy. PPLIs, however, are subject to stringent IRS guidelines. Insurance standards, diversification, and owner control requirements must be satisfied; otherwise, the policy could be disqualified, resulting in significant tax obligations and penalties.

This webinar will explain PPLI, including structuring considerations, asset selection, optimal trust jurisdictions for PPLI, and meeting IRS requirements for tax practitioners working with high-net-worth taxpayers. The webinar’s panel of experts include David Warren, Co-Founder and Chairman of the Board of Bridgeford Trust Company and William Lipkind, Partner at Wilson Elser.

The panel will discuss the benefits and caveats of PPLI and will review these important issues:

  • What restrictions are placed on an investor’s interactions with the PPLI?
  • Meeting the diversification of asset requirements.
  • Establishing and funding an IDF.
  • How does the owner withdraw funds tax-free?
  • What steps can be taken to minimize the risk of disqualification?

The webinar program is produced by Strafford, a leading education company providing premium CLE and CPE courses designed for planning professionals in over 40 legal, accounting, and tax practice areas.

To learn more about this webinar, please click here. If you are interested in attending, please reach out to Melissa Roberson, Global Marketing and Digital Media Director, at mroberson@bridgefordtrust.com to inquire about limited passes we have available for friends of Bridgeford.

South Dakota was the first state in the nation to abolish the Rule Against Perpetuities – which prohibited unlimited-duration trusts – in 1983, clearing the way for the creation of the Dynasty Trust. A South Dakota Dynasty Trust is a very powerful planning tool that preserves family wealth over generations, allowing a trust to live in perpetuity (forever), therefore never subjecting the assets to federal estate taxation through a forced distribution.

Because the decision as to where to create a trust is critical, it is important to note that Dynasty Trusts are governed by state law, and many states who tout the Dynasty Trust have merely amended the Rule Against Perpetuities to extend the time when a trust must terminate, or do not have the myriad of other progressive modern trust laws available in South Dakota (see below). Understanding the vital importance of selecting the proper trust situs in the planning process, Nevada attorney, Steve Oshins, produces an annual rankings chart of Dynasty Trust states. In the most recently published comparison chart, South Dakota continues to rank as the top Dynasty Trust state in the nation – for the ninth consecutive year.

Understanding South Dakota’s Dynasty Trust

  • South Dakota Dynasty Trusts are available to residents and non-residents. The only requirement is that the trustee be a South Dakota resident and that South Dakota laws apply to the trust.
  • South Dakota allows trusts to continue in perpetuity, avoiding federal transfer taxes for generations.
  • South Dakota does not impose any form of taxation (income, dividend interest, capital gains) on these trust assets so there can be additional compelling tax savings for clients and their families, particularly under the Supreme Court’s ruling in Kaestner, where it was held that it is unconstitutional for a state to tax undistributed trust income properly sitused and administered in a no income tax state, like South Dakota (learn more about the Kaestner case).
  • Through the use of the Dynasty Trust, families can reduce the tax burden on successive generations of beneficiaries while still giving them the use of the assets during their lifetime (learn more about state taxation of trusts).

Additional Benefits of a South Dakota Dynasty Trust

  • South Dakota Dynasty Trusts, whether designed as self-settled or 3rd party trusts, can also incorporate spendthrift provisions to prevent future creditors (including former spouses) from directly accessing trust assets (learn more about Domestic Asset Protection from a recent webinar we hosted).
  • South Dakota has the most robust privacy trust laws in the nation, with a total, non-discretionary seal on trust information forever, allowing for increased privacy and confidentiality protections. Most states have no privacy provisions and in Delaware, after 3 years, sealed trust information can become public.
  • While a South Dakota Dynasty Trust can endure for an unlimited duration, because of powerful modern trust planning tools such as the Directed Trust and Trust Protector, settlors of trusts, beneficiaries, and their advisors can maintain tremendous control and direction over vital aspects of trust creation, administration, and modification, through the use of South Dakota’s powerful decanting statute, considered the best in the nation.
  • The availability of the Special Purpose Entity, as well as the Community Property Trust and Family Advisor (all planning tools not available in other U.S. trust jurisdictions). South Dakota’s modern trust laws are the reason why that state has been ranked as the top Dynasty Trust state in the nation by advisors, industry experts, and publications, including Trusts & Estates magazine (learn more about why South Dakota was named a top-tier trust jurisdiction by Trusts & Estates magazine).

We encourage you to view Bridgeford Trust Company’s comparison chart of the leading top-tier U.S trust jurisdictions and where they rank in terms of Dynasty Trusts. This chart also illustrates many other progressive trust topics and laws that distinguish South Dakota as the best U.S. trust jurisdiction in the overall analysis.

You can also watch this video about Dynasty Trusts on Bridgeford’s YouTube channel to learn more about its history, how they work, and why South Dakota has been ranked as the top Dynasty Trust state in the nation.

For more information on the Dynasty Trust and how it combines with South Dakota’s modern trust laws to create this powerful planning opportunity for advisors and their clients, please contact us via our contact page or by calling (605) 224-9189.

Trusts & Estates and WealthManagement.com recently presented a series of live CE and CLE virtual forums on March 1-2, 2022. These forums provided expert perspectives on what’s new – and what’s coming next – in wealth planning.

During one of the March 1st presentations, Bridgeford Trust Company sponsored, moderated, and presented a timely session entitled “Primer on Working with Ultra-High-Net-Worth Family and Family Offices.” If you missed this session which addressed the issues involved in working with ultra-high-net-worth (UHNW) clients and family offices, you can watch the full presentation below or on Bridgeford’s YouTube channel.

Topics included: the definition of family office and the different types of family offices; how UHNW families and their single-family offices (SFOs) use private trust companies; regulatory concerns for SFOs, investments; the IRS Wealth Squad; and changes made and lessons learned from the pandemic. Speakers included: David Warren, Co-Founder and Chairman of Bridgeford Trust Company; Kim Kamin, Principal & Chief Wealth Strategist at Gresham Partners LLC; Hugh Magill, Vice Chairman, Retired at Northern Trust; and Domingo Such III, Partner at Perkins Coie.

For more information on any of the topics discussed during this presentation, feel free to contact us via our contact page or by calling (605) 224-9189.

As modern trust laws have proliferated over the past 20 years, the decision as to where to place a trust has become as important as the decision to create one in the planning process. Researching and identifying states with the most sophisticated and powerful trust planning tools around asset protection, privacy trust laws, and trust tax planning has become of paramount importance, especially as these tools deliver direction and control to settlors of trusts, beneficiaries, and their advisors. For this reason, industry publications have focused on this vitally important jurisdiction decision, producing objective education pieces, statutory analysis, and well-researched comparative charts which led to Bridgeford Trust Company’s trust jurisdiction chart comparing the leading top-tier U.S. trust jurisdictions, with a particular emphasis on areas that clearly distinguish South Dakota as the superior trust jurisdiction in the overall analysis.

Developing case law and other legal authority governing and guiding the fiduciary industry, including the Uniform Probate Code and the Restatement (Third) of Trusts, has clearly identified a duty to select proper trust jurisdiction in the planning process. Even further, there is a continuing duty to ensure that jurisdiction is proper, with at least one state Supreme Court case suggesting that there is a duty to decant a trust and move it to a more favorable trust jurisdiction to protect trust assets. The video below analyzes the legal authority and examines the question as to whether there is, in fact, a fiduciary duty to select the proper trust jurisdiction, and whether it may be professional malpractice not to do so in the planning process.

We’d love to hear from you to discuss this fiduciary duty to select the proper U.S. trust jurisdiction further! As always, please feel free to reach out about this and other information about powerful modern trust law concepts and the South Dakota Advantage by contacting us via our contact page or by calling (605) 224-9189.

Copper Beech Financial Group, a financial planning firm based in New Jersey, recently interviewed David A. Warren, Co-Founder and Chairman of Bridgeford Trust Company on their podcast, The Truth About Wealth. Copper Beech acts as a family CFO to their clients and provides family office services that focus on tax efficiency, asset protection, and family governance. This podcast, hosted by John Parise, Managing Partner and Michael Parise, Supervisory Principal, guides listeners through eye-opening questions to help them discover the truth about their wealth.

During the episode, John and Michael talk with David about the challenges of picking the right trustee and/or trust company, and highlights the things you can do to make a better decision for your family. The discussion includes information on modern trust law, asset protection and its benefits, conflicts of interest in trust planning, and top-tier trust jurisdictions.

You can listen to the full episode by clicking here.

If you have any questions on how to choose the right trustee or any of the other topics discussed in this episode, don’t hesitate to contact us via our contact page or by calling (605) 224-9189.

Bridgeford Trust Company will be presenting at an important and timely webinar hosted by STEP Miami – Corporate Transparency Act: A Discussion on the Impact on International Clients and More.

The Corporate Transparency Act (CTA) was enacted into law on January 1, 2021, as part of the National Defense Authorization Act for fiscal year 2021, and tasked the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) with implementation through regulations. On December 7, 2022, FinCEN issued its first set of proposed regulations regarding the “beneficial ownership information” requirements.

This webinar – taking place on Thursday, February 24, 2022 from 12:00pm to 2:00pm EST – will include the following speakers: David Warren, Co-Founder and Chairman of Bridgeford Trust CompanyJoseph Kellogg, Partner and Head of Wealth Planning with WE Family Offices; and Osvaldo Garcia, Associate at Bilzin Sumberg as well as Jennifer Wioncek, Partner at Bilzin Sumberg as moderator.

During the presentation, the speakers will discuss:

  • An overview of the CTA.
  • The CTA’s impact on common trust and holding company structures used by international clients.
  • How the proposed regulations will impact law firms, trust companies, and family offices with respect to their obligations and their client obligations and what professionals and their clients should be doing to prepare.

There is no fee for STEP Members to attend; and $40 fee for non-members. You can register for this webinar by clicking here.

STEP Members are also invited to join an in-person Happy Hour taking place at a location on Brickell in Miami from 5:30pm to 7:30pm. Members will have a chance to meet the speakers, ask questions about the presentation or simply have a drink together! If you would like to attend the cocktail, please email STEP Miami directly at step.miami@step.org.

If you have any questions, don’t hesitate to contact us. We look forward to you joining us for this important discussion!

Trusts & Estates and WealthManagement.com are presenting “Keeping Up With New Developments,” a series of live CE and CLE virtual forums scheduled for March 1-2, 2022. These forums will provide expert perspectives on what’s new – and what’s coming next – in wealth planning.

Join us for the March 1st presentation as Bridgeford Trust Company sponsors, moderates, and presents this timely session entitled “Primer on Working with Ultra-High-Net-Worth Family and Family Offices” taking place at 11:00am EST. David Warren, Co-Founder and Chairman of Bridgeford Trust Company, will be participating in this very timely and informative session that will address the issues involved in working with ultra-high-net-worth (UHNW) clients and family offices.

Topics will include: the definition of family office and the different types of family offices; how UHNW families and their single-family offices (SFOs) use private trust companies; regulatory concerns for SFOs, investments; the IRS Wealth Squad; and changes made and lessons learned from the pandemic. Panelists will include: Kim Kamin, Principal & Chief Wealth Strategist at Gresham Partners LLC; Hugh Magill, Vice Chairman, Retired at Northern Trust; and Domingo Such III, Partner at Perkins Coie.

This discussion is sure to be a great one as David and the panelists keep the audience up-to-date on these developments and new trends in wealth planning. To register for this complimentary event, click here.