Trusts & Estates magazine has once again named South Dakota as a top-tier trust jurisdiction, with Wyoming, New Hampshire, Tennessee, and Ohio ranked as 2nd tier. Every two years, Trusts & Estates magazine evaluates trust jurisdictions utilizing an objective approach that considers the following factors: 1) whether a state has a Rule Against Perpetuities; 2) whether a state has income, inheritance, or premium taxes; 3) whether the state has adopted “modern trust laws” such as decanting provisions, directed trust capability, and privacy options; 4) whether a state has an asset protection statute and the effectiveness of the statute; and 5) the effect of migration on the rights of beneficial interest.

South Dakota has been consistently considered by many commentators and planners to be the best trust jurisdiction in the nation because of its cutting-edge laws around asset protection, dynasty trusts and directed trusts, and privacyTrusts & Estates magazine’s article again accentuates the vital importance of selecting the proper trust jurisdiction, stating:

“There continues to be marked differences between the laws of those jurisdictions that we consider ‘the best’ for trusts and those that we deem less competitive. Planning professionals who cater to UHNW clients need to understand the different trust laws and planning opportunities and how they affect those clients and their beneficiaries. This is especially true when the landscape for planning strategies for their UHNW clients is under tremendous pressure to change.”

You can view the complete article entitled “Which Trust Situs is Best in 2022?” by clicking here. This article was written by Daniel G. Worthington and Mark Merric and featured on WealthManagement.com which is the digital resource of Trusts & Estates magazine.

South Dakota Advantage

The authors’ conclusion in this article is particularly compelling when considered in conjunction with the fact that South Dakota:

  • Is generally regarded by most practitioners and academics, including Steve Oshins (a Nevada attorney), as being the best dynasty trust state, and having the best decanting statute in the nation. In addition, the authors of the aforementioned article concur with Mr. Oshins, stating, “South Dakota has the most flexible decanting statute…and appears to provide the best example of flexibility for trust remodeling.”
  • Unequivocally has the most robust privacy trust laws in the country, as pointed out in the Trusts & Estates magazine article wherein the authors noted, “Of the top-tier jurisdictions, South Dakota has the best trust privacy laws.” (Also, take note of footnote #35 in the article, where a post written by Bridgeford Trust Company was cited and quoted.)
  • Is one of only two states with a Community Property Trust, a compelling tax planning tool for spouses.
  • Is the only state in the country with the Family Advisor, referred to as a “Trust Protector Light;” not mentioned in the article but a very important planning tool.
  • Has one of the lowest insurance premium taxes in the nation at 8 basis points, which applies to both policies held by individuals and policies held within an LLC. (While Delaware boasts 0 basis points on policies held by individuals, policies held within an LLC – which is typically the case – are taxed at 200 basis points.)
  • Is the most fiscally sound among all top-tier trust jurisdictions.

When all of these attributes are considered in the aggregate, South Dakota clearly emerges as the superior trust jurisdiction in the nation. View this well-researched chart 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.

For more information about this article and the South Dakota Advantage, please reach out to Bridgeford Trust Company via our contact page or by calling (605) 224-9189.

Bridgeford Trust Company enthusiastically announces the expansion of our leadership team to include Ashley Blake as President and General Counsel. Ashley has multiple years of experience assisting clients and their advisors with the power and sophistication of South Dakota’s modern trust laws.

An attorney by training, Ashley has a deep understanding of South Dakota trust law and trust company law. Prior to joining the Bridgeford team, she practiced for multiple years at Davenport, Evans, Hurwitz, & Smith LLP – one of the oldest, largest, and most prestigious law firms in South Dakota. Ashley specialized in South Dakota trust and trust company law at her firm, regularly working with attorneys, advisors, and clients across the nation and around the world. Ashley understands the nuances of South Dakota trust law and ways it can be utilized for the benefit of Bridgeford’s clients, both domestically and internationally.

In her prior position, Ashley regularly assisted her clients with a vast array of trust administration issues including: modification or reformation, decanting, division or severance, merger or consolidation, termination, removal or appointment of trustee, advisor, or trust protector, court approval of accountings, virtual representation questions, and changing the situs and governing law of trusts. She also regularly reviewed trusts drafted by out-of-state attorneys for South Dakota validity and provided guidance to her trust administration clients on the requirements of South Dakota trust law. Helping her clients achieve their objectives both non-judicially and through formal court approval, Ashley has worked with numerous ultra-high net worth clients and their attorneys and advisors on a variety of trust issues, from consent-based matters to contested litigation.

In addition to her trust administration experience, Ashley is an industry leader on South Dakota trust company compliance and regularly assisted trust companies, both public and private, with regulatory compliance matters in her prior role. Ashley earned her Bachelors, with Honors and a double major, from Harvard University and graduated first in her class and with Sterling Honors from the University of South Dakota Law School, where she received numerous scholarships and awards.

Bringing a wealth of trust and trust company experience to the team, Ashley will serve on both Bridgeford Trust Company’s Board of Managers and Trust Administrative Committees. She will also lead all of Bridgeford Trust Company’s South Dakota operations from our office in Sioux Falls. Ashley will specifically oversee and work closely with Bridgeford Trust Company’s trust administrative and compliance teams in both our Pierre and Sioux Falls offices, focus extensively on strategic plan implementation, and support the company’s growth, business development, and legal initiatives.

David A. Warren, Co-Founder and Chairman of the Board, comments,

“As one of Bridgeford’s trusted and reliable external legal advisors for years, I have directly experienced Ashley’s tremendous legal acumen, smart and practical approach to problem solving, superior knowledge of South Dakota law, and intimate understanding of trust company operations and compliance – all skills and attributes that will make her an outstanding member of Bridgeford Trust Company’s leadership – and we could not be more thrilled to welcome her to the team as we continue our growth across the nation and around the world.”

Please join us in welcoming Ashley to the Bridgeford team! As she begins her new role with us officially on February 1, 2022, we encourage you to reach out to get to know Ashley and see how her unique personal and professional background make her ideally suited for her new role at Bridgeford. For questions or further information on our continued growth, don’t hesitate to contact us via our contact page or by calling (605) 224-9189.

Bridgeford Trust Company announces the retirement of President and CEO, Linda Voller, effective December 31, 2021. A Certified Trust and Fiduciary Advisor (CTFA) by training and highly experienced trust professional, Linda began her career in the trust industry in the mid-1990s working with Delta Trust Company of South Dakota, Inc. based in Pierre, South Dakota, with a primary focus on serving the trust needs of one of America’s largest and most prominent families. As Delta Trust Company evolved, Linda utilized her impressive fiduciary expertise working with “startup” public and private South Dakota trust companies, often serving as a Board of Manager and Administrative Trust Committee member.

 

In July of 2018, Delta Trust Company merged with Bridgeford Trust Company and Linda soon ascended to the role of President and CEO, leading our company’s trust administrative and corporate functions in South Dakota, while continuing to serve as Trust Officer for several large families across the nation. Linda’s contributions to Bridgeford Trust Company’s success, growth, and expansion – both nationally and internationally – these past years has been unmeasurable.  

 

David A. Warren, Co-Founder and Chairman of the Board shares,

“Linda conscientiously and passionately served the families, advisors, and trust companies she worked with around the nation with unparalleled attention to detail, efficiency, and responsiveness – attributes she also brought to Bridgeford’s internal operations, which helped fuel our company’s great growth and success. We thank Linda for her service and commitment to Bridgeford, and wish her the best in her very well-earned retirement years.”

 

Please join us in celebrating Linda’s contributions and wishing her well in retirement. Bridgeford looks forward to 2022 and beyond with great excitement and optimism as we will soon announce the addition of outstanding talent joining our leadership team, and continued company growth and expansion, both domestically and internationally.  

 

For questions, please contact us via our contact form or by calling (605) 224-9189.

If you weren’t able to join us for our recent webinar on Wednesday, December 15, 2021, you can now watch the full recording of this webinar presentation that considers asset protection in the context of trust planning.

During the webinar, David A. Warren – Co-Founder/Chairman of Bridgeford Trust Company – and Helmer W. Arizmendy – President of Bridgeford International – explored the definition of a self-settled asset protection trust and how to best utilize this type of trust, including specific uses in the wealth planning process. David and Helmer also examined the importance of selecting the proper trust jurisdiction for optimal protection and flexibility.



During this webinar, our presenters:

  • Discussed factors that make certain asset protection statutes better than others.
  • Compared asset protection statutes/jurisdictions across the country.
  • Considered recent case law that addressed domestic asset protection.
  • Explored whether this is a fiduciary duty on the part of trustees to move trusts into a more favorable asset protection jurisdiction to protect trust assets.

You can download a copy of the slides by clicking here.

We hope that you enjoy the full recording of the presentation, and if you have any questions regarding the material covered in this webinar, please contact us via our contact page.

*December 30, 2021 Update – Due to the recent surge of the Omicron variant and associated health risks to all attendees, the 56th Annual Heckerling Institute scheduled for January 10-14, 2022 in Orlando has been cancelled. We are disappointed that we won’t be able to connect with attendees, but look forward to the next conference! Until then, don’t hesitate to contact us with any questions or to find out how we may be able to assist with many planning opportunities under South Dakota trust law.


Bridgeford Trust Company will again be sponsoring the annual Heckerling Institute on Estate Planning from January 10-14, 2022 in Orlando, Florida. If you are attending, we encourage you to learn more about our activity at Heckerling below as you can visit with our leadership team at our booth and attend our sponsored receptions!

Exhibit Booth #400 – January 10-14, 2022

Stop by our exhibit booth (#400) while you’re attending the conference to visit with our team, learn why South Dakota is routinely ranked among the best trust jurisdictions in the United States, and enter to win a pair of Apple AirPods! Our team will be at our booth throughout the whole conference and is looking forward to meeting you.

While visiting our booth, you can:

  • Discuss the South Dakota advantage.
  • Exchange ideas and information.
  • Discover how Bridgeford Trust Company is revolutionizing the trust industry.
  • Meet directly with our leadership team.

Pre-Institute Golf Outing and Reception with Bridgeford, Nelson Mullins, and CapAlt – January 9, 2022

Join us on Sunday, January 9th as we come together for a golf outing and cocktail reception in advance of the 2022 Heckerling Institute on Estate Planning. This event is sponsored by Bridgeford Trust Company, Nelson Mullins, and CapAlt and includes an afternoon of complimentary golf at the Rees Jones golf course followed by food and drinks at the Waldorf Astoria Golf Club, located at 14224 Bonnet Creek Resort Lane, Orlando, FL 32821 (just minutes from the Orlando World Center Marriott).

Golf is scheduled to begin at 12:40pm, and reception will follow at 4:30pm. If you would like to opt out of golf, you are more than welcome to join us at the reception. Click here to RSVP.

Bridgeford Reception – January 11, 2022

Join us and many other advisors from across the state and around the country, as we celebrate the power of modern trust law and sophisticated planning techniques at this reception hosted by Bridgeford Trust Company on Tuesday, January 11th from 6:00pm – 7:30pm. Our reception will be located in the Grand Ballroom on the Convention Floor at Orlando World Center Marriott (8701 World Center Drive, Orlando, FL 32821).

The evening will be a great time of food and spirits – including specially paired scotch and wine offerings with delicious hors d’oeuvres and desserts – as well as networking with friends and colleagues. Click here to RSVP.



Questions?

For more information about our activity at Heckerling or to set up a time to meet with our team, please contact Melissa Roberson, Global Marketing & Digital Media Director with Bridgeford at mroberson@bridgefordtrust.com.

We look forward to seeing you in Orlando!

On Monday, December 6, David A. Warren – Co-Founder and Chairman of Bridgeford Trust Company – will present a webinar hosted by STEP Zurich on “The Use of U.S. Trusts for Asset Protection, Privacy and Tax Planning.” This one-hour webinar will take place at 12.00 hrs. local time in Zurich, Switzerland (6:00am EST).

During the webinar, David will discuss powerful U.S. modern trust law planning tools – only available in a handful of states – that offer compelling planning options in the areas of state and federal taxationasset protection, and privacy while delivering more direction and control to settlors of trusts and their advisors through the use of directed trusts and the trust protector concept. David will also examine top tier U.S. trust jurisdictions and objectively compare in the context of selecting the best U.S. trust jurisdiction in the planning process, as well as address the Pandora Papers and the impact on the U.S. and international trust planning industry.

For more information and to register, click here. Friends of Bridgeford can register at the STEP member price of CHF 40, so be sure to mention our name during registration.

As we continue to grow Bridgeford’s presence in Miami and across South Florida, we are proud to sponsor the upcoming Institute for Family Governance (IFG) Annual Miami Conference on Wednesday, December 1, 2021. IFG’s mission is to implement strong governance that endures, and this annual conference features an excellent group of speakers who will focus on family governance and empowering beneficiaries through inter-generational planning. Given uncertainty caused by tax changes coming out of Washington and the focus on smart year-end planning for large families, this conference is particularly timely and promises to convey valuable information.

David A. Warren – Co-Founder and Chairman of Bridgeford Trust Company – will be attending the conference and looks forward to connecting with friends, old and new, so be sure to stop by our table, or reach out to connect. As a South Dakota chartered independent trust company, we are passionate about “big ideas” and powerful modern trust law concepts around asset protection, privacy, and sophisticated tax planning which are nicely outlined in this education piece.  David would be happy to discuss these concepts in more detail, and how we can collaborate to serve families across the nation and around the world.

If you would like additional details about the event, visit the conference website at https://www.ifgworldwide.org/2021-miami-conference. We hope to see you there!

Bridgeford Trust Company is looking forward to sponsoring the upcoming 20th Annual Joint Tax & Estate Planning Seminar hosted by The Community Foundation of Broward, the Jewish Community Foundation of Broward, and United Way of Broward County. These three organizations joined forces 20 years ago to hold this seminar for professional advisors in Broward County.

This year’s seminar, taking place on the morning of December 8 at Nova Southeastern University in Fort Lauderdale, builds on their tradition of cutting-edge presentations by nationally recognized speakers, superior educational experiences, and networking opportunities. Featured guest speaker, Sam Donaldson, JD, LL.M – Professor of Law at Georgia State University in Atlanta – will offer attendees an explanation of the impact of recent changes to the federal income and transfer tax laws to their clients’ estate plans as well as devise income tax and estate planning strategies suited to the current climate that can withstand pending changes to the tax laws.

Registration and a networking breakfast will begin at 7:30am and the presentation will follow from 9:00-11:00am. Then join us for a meet and mingle with sponsors after the seminar concludes. If you are attending, be sure to look for David A. Warren – Co-Founder and Chairman of Bridgeford Trust Company – and Helmer W. Arizmendy – President of Bridgeford International – who will be attending as well!

If you aren’t registered yet, but would like to attend (in person or virtually), we do have a limited number of complimentary registrations for friends of Bridgeford. If you’re interested, please reach out to Melissa Roberson, Global Marketing and Digital Media Director, at mroberson@bridgefordtrust.com.

You can learn more about the event by clicking here.

Bridgeford Trust Company is participating in an upcoming webinar – Trusts and Situs After Kaestner: Establishing Domicile, Relocating a Trust, and Taxing Beneficiaries – scheduled for Wednesday, December 8, 2021 from 1:00pm-2:50pm EST.

This webinar provides professionals who advise and prepare returns for trusts with updated information on trust situs in light of the important Supreme Court decision in Kaestner, which continues to be very relevant and supportive of sophisticated tax planning using trusts in “top tier” trust jurisdictions like South Dakota, and which appears to be unaffected by proposed tax planning coming out of Washington. The presentation will cover how to determine a trust’s domicile, the criteria that states currently use to tax trusts and trust beneficiaries, how to change where a trust is taxed and when is best to do so, as well as the impact of the Kaestner case. The webinar’s panel of experts include David Warren, Co-Founder and Chairman of the Board of Bridgeford Trust Company; William Lipkind, Partner at Wilson Elser; and S. Gray Edmondson, Partner at Edmondson Sage Allen.

The panel will review these and other important issues:

  • State methods for taxing trusts.
  • Situs considerations when forming a trust.
  • Objective comparison of “top tier” trust jurisdictions.
  • When and how to relocate a trust.
  • Impact of Kaestner on trust taxation.
  • Amending returns in light of Kaestner.
  • Situs selection in light of the Pandora Papers.

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.

Bridgeford Trust Company invites you to join us for this free one-hour long webinar considering asset protection in the context of trust planning on Wednesday, December 15, 2021 at 2:00pm EST.

Listen in as David A. Warren – Co-Founder/Chairman of Bridgeford Trust Company – and Helmer W. Arizmendy – President of Bridgeford International – explore the definition of a self-settled asset protection trust and how to best utilize this type of trust, including specific uses in the wealth planning process. David and Helmer will also examine the importance of selecting the proper trust jurisdiction for optimal protection and flexibility.

During this webinar, our presenters will also:

  • Discuss factors that make certain asset protection statutes better than others.
  • Compare asset protection statutes/jurisdictions across the country.
  • Consider recent case law that addressed domestic asset protection.
  • Explore whether this is a fiduciary duty on the part of trustees to move trusts into a more favorable asset protection jurisdiction to protect trust assets.

We look forward to you joining us, and be sure to contact us for more information on domestic asset protection trusts.