Bridgeford Trust is excited to be sponsoring the STEP International Trust and Estate Planning Forum: Around the Globe in 2018, presented by STEP Los Angeles. Taking place on Thursday, May 3rd and Friday, May 4th in Laguna Beach, CA, this much anticipated event presents the latest issues for international private client planning.
Given recent changes in the federal tax code, state tax planning and selecting the proper U.S. trust jurisdiction in the planning process is more important now than ever. Establishing a trust in a state that does not have an income tax, such as South Dakota, provides a compelling potential tax planning opportunity for trustees and beneficiaries. State capital gains on low cost basis assets may be avoided upon sale, trust assets can grow free of state income tax over multiple generations, and federal estate tax can be avoided forever in dynasty trust states such as South Dakota.
Bridgeford Trust is very pleased to be sponsoring Ave Maria School of Law’s 5th Annual Estate Planning Conference on April 27, 2018 in Naples, Florida. The Ave Maria School of Law Estate Planning Conference offers estate planning professionals a unique professional development and networking opportunity and includes lectures and panel discussions designed to examine current developments in estate planning and to strengthen the practitioner’s knowledge and application of estate planning techniques.
Given recent changes in the tax code, concerns around asset protection and privacy, and the huge influx of international families coming to the United States, selecting the proper U.S. trust jurisdiction in the planning process is more important now than ever. Below is an objective and well-researched chart comparing the leading U.S. trust jurisdictions, with a particular emphasis on areas and planning nuances that distinguish South Dakota as the superior trust jurisdiction in the overall analysis. Click here or on the image below to view the chart in PDF format.
Bridgeford Trust is very pleased to be sponsoring the 14th Annual International Estate Planning Institute, presented by The New York State Bar Association and The Society of Trust and Estate Practitioners USA (STEP USA). Taking place on Thursday, March 22nd and Friday, March 23rd at the Crowne Plaza Times Square in NYC, this Institute is a much anticipated annual event at which trust and estate practitioners, bankers, and accountants from around the world gather to hear leaders in their fields exchange ideas and discuss developments regarding cross-border planning with a U.S. component.
Bridgeford Trust Company, LLC (Bridgeford Trust Company) and Delta Trust Company of South Dakota, Inc. (Delta Trust Company), both South Dakota chartered independent trust companies, are proud and excited to announce a merger, pending South Dakota Division of Banking approval.
Trusts & Estates Magazine again names South Dakota as a top tier trust jurisdiction. Annually, 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; 5) the effect of migration on the rights of beneficial interest.
South Dakota is once again ranked, for the 5th consecutive year, as having the top decanting statute in the nation! Published by Nevada attorney Steve Oshins, the new 5th Annual Trust Decanting State Rankings Chart is an excellent resource for advisors and clients because of his methodical and objective approach to evaluating the factors that impact the viability of a state’s decanting statute. The concept of decanting has become a very powerful tool for planners to modify irrevocable trusts and has emerged as one of the most progressive planning strategies available in dealing with dynasty planning issues. Appropriately referred to as a “do over,” decanting essentially distributes assets from an irrevocable trust into a new trust with different, and presumably more desirable and flexible terms, leaving the unwanted terms in the original trust and not binding on the assets.
Bridgeford Trust will be attending the 52nd Annual Heckerling Institute on Estate Planning from January 22-26 in Orlando, Florida. If you are attending Heckerling this year, we encourage you to join Bridgeford Trust and advisors from around the country and the world for two dynamic receptions that we are sponsoring.
Common Reporting Standard (CRS) has had a tremendous impact on planning for both domestic and international families with asset protection and privacy concerns. Very similar to FATCA, CRS is a powerful tool that is designed to reduce tax evasion and illegal financial activity by imposing very strong transparency rules and disclosure requirements relative to financial transactions. While the reporting requirements of CRS and FATCA are similar, FATCA focuses on collecting information from individuals only holding U.S. based accounts, and such information is not shared with other countries. CRS is broader in scope, seeking global cooperation and the sharing of financial information between and among participating jurisdictions, with enhanced transparency in multi-national business and investment reporting.