News

Ranking Domestic Asset Protection Statutes; South Dakota ranked in the Top Tier, Delaware and Alaska considered Second Tier

Domestic Asset Protection Trusts, available only in a small number of states, are a formidable planning strategy that legally shields assets from third party liability (including spouses in a divorce proceeding) and law suits while permitting settlors (the person establishing the trust) to retain some control over the trust assets and enjoy a discretionary benefit during their lifetime. South Dakota has one of the oldest and most progressive self-settled domestic asset protection provisions in the United States. With its two year “look back” fraudulent conveyance statute, South Dakota’s is among the shortest in the country (Delaware has a four year fraudulent conveyance statute). In the January 2017 issue of Trusts & Estates Magazine, authors Mark Merric and Daniel G. Worthington closely and objectively examine domestic asset protection trust statutes in the context of various factors including a state’s discretionary support statute and alter-ego statute.

Join Bridgeford Trust at Heckerling Institute on Estate Planning for a Co-Sponsored Reception Celebrating South Dakota Trust Law

Bridgeford Trust is co-sponsoring a cocktail reception on January 11th, celebrating South Dakota’s progressive, sophisticated, and industry leading trust laws at the 51st Annual Heckerling Institute on Estate Planning from January 9th-13th in Orlando, Florida. If you are attending Heckerling, we encourage you to join Bridgeford Trust and advisors from around the country and the world for “It is Time to Consider the Advantages of South Dakota,” a great informational event and networking opportunity. Bridgeford’s leadership team, including David Warren, Terry Harris, and Jessica Beavers will be there to greet you! To learn more and to register for this exclusive reception, click here! We hope to see you there!  

Webinar Recap – “Emerging and Dynamic Trust Laws – A New Wealth Management Paradigm”

This webinar entitled “Emerging and Dynamic Trust Laws: A New Wealth Management Paradigm” was originally produced on Wednesday, November 16, 2016. We hope that you enjoy the full recording of the presentation and additional resources offered below. This webinar was hosted by Bridgeford Trust Company President and CEO, David Warren, and Executive Vice President, Jessica Beavers. This presentation considered newly enacted progressive trust laws within the overall context of the vital importance of selecting proper trust jurisdiction in the wealth planning process.  Concepts such as the community property trust, dynasty trust, directed trust, trust protector, family advisor, privacy, and trust taxation were discussed in detail, with a special focus on how these compelling modern trust planning tools have combined to render the United States both a worldwide tax and privacy haven for families across the nation. Watch or listen to a recording of the presentation below.

The South Dakota Dynasty Trust

South Dakota was the first state in the nation to abolish the Rule Against Perpetuities in 1983, clearing the way for the creation of the Dynasty Trust. A Dynasty Trust, not available in all states, is a powerful planning tool that essentially allows a trust to live in perpetuity (forever), therefore never subjecting the assets to federal estate taxation through a forced distribution. Watch the video below to learn how Dynasty Trusts work and why South Dakota is considered to be the top Dynasty Trust state in the nation. For more information regarding Dynasty Trusts, please contact Bridgeford Trust via our contact page.

South Dakota is Top U.S. Trust Jurisdiction for Dynasty Trusts for 5th Consecutive Year

For the 5th consecutive year, South Dakota is again ranked as being the top Dynasty Trust state in the nation while Delaware, long considered a top tier trust jurisdiction, slips to the 7th position. A Dynasty Trust, not available in all states, is a powerful planning tool that essentially allows a trust to live in perpetuity (forever), therefore never subjecting the assets to federal estate taxation through a forced distribution. South Dakota was the first state in the nation to abolish the Rule Against Perpetuities in 1983, clearing the way for the creation of the Dynasty Trust. The rankings chart, an annual ranking of Dynasty Trust states from across the country published by Nevada attorney Steve Oshins, is an excellent resource for advisors and clients because of the methodical and objective approach to evaluating the factors that impact the viability of Dynasty Trust states, such as whether they have an asset protection statute and how effective it is in comparison to other states.

Bridgeford Trust to Participate in “Emerging and Dynamic Trust Laws: A New Wealth Management Paradigm” Webinar

Bridgeford Trust will partner with McKonly & Asbury as a featured guest on their upcoming webinar entitled “Emerging and Dynamic Trust Laws: A New Wealth Management Paradigm.”  This webinar will take place on Wednesday, November 16, 2016. This webinar will be hosted by David Warren, President and CEO of Bridgeford Trust, along with Executive Vice President Jessica Beavers. This presentation will consider newly enacted progressive trust laws within the overall context of the vital importance of selecting proper trust jurisdiction in the wealth planning process. Concepts such as the Community Property Trust, Dynasty Trust, Directed Trust, Trust Protector, Family Advisor, Privacy, and Trust Taxation will be discussed in detail, with special focus on how these compelling modern trust planning tools have combined to render the United States both a worldwide tax and privacy haven for families across the nation.

The South Dakota Trust Protector

The Trust Protector concept is a modern trust law tool, often used in conjunction with a Directed Trust, that delivers far more control to settlors of trusts, beneficiaries, and their advisors than ever before. The inclusion of a Trust Protector allows the settlor, beneficiaries, and their advisors to modify and control many important aspects of the trust and provide direction to the trustee with respect to investment management, jurisdiction, and trust distributions. Acting as a “super trustee,” the Trust Protector concept enhances the control aspects of the Directed Trust because it provides for direction or restraint of powers of the trustee.

South Dakota Family Advisor

South Dakota is the first state in the nation to enact progressive new legislation creating the South Dakota Family Advisor. The Family Advisor is yet another South Dakota modern trust law tool that delivers far more control to settlors of trusts, beneficiaries, and their advisors than ever before, when used in conjunction with a Directed Trust. Appropriately referred to as a “Trust Protector Light,” because of its non-fiduciary status and limited powers, the South Dakota Family Advisor is an excellent option for settlors of trusts and beneficiaries who may want family advisors, such as attorneys, CPAs, or investment advisors, to have some control and input over important aspects of trust administration without elevating the position to that of a fiduciary, which carries with it heightened liability that may deter advisors from serving.

Bridgeford Trust to Present at the HighPoint Institute on September 15

David Warren, President and CEO of Bridgeford Trust, will be presenting at the HighPoint Institute’s September event. The Highpoint Institute is an educational seminar platform for financial and business professionals looking to enrich the client experience with the latest on estate planning. The event has been approved for the following professional continuing education credits: CFP, CPA, LI®, CLU®, RICP®, ChFC®, CLF®, CASL®, ChSNC™, CAP®, and FSCP. David’s presentation – What Your Clients May Be Losing By Having Their Trusts in Pennsylvania – will highlight the paramount importance of selecting the proper trust jurisdiction. Awareness of the tax, asset protection, and privacy advantages of modern trust laws is vitally important in the wealth planning process.

The South Dakota Family Advisor: “Trust Protector Light”

Proving once again South Dakota’s status as the premier U.S. trust jurisdiction and the vital importance of proper situs selection in the trust planning process, South Dakota is the first state in the nation to enact progressive new legislation creating the South Dakota Family Advisor (for a definition of terms, reference 55-1B-1). The Family Advisor is yet another South Dakota modern trust law tool that delivers far more control to settlors of trusts, beneficiaries, and their advisors than ever before when used in conjunction with a Directed Trust.

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